Establishment of Cultural Industry Policy Guarantee... 1 Trillion Won Support Over 3 Years

On the 30th, the Ministry of Culture, Sports and Tourism signed a business agreement with the Korea Credit Guarantee Fund and Naver to expand the scale of policy guarantees for small and medium-sized enterprises in the cultural industry. The cultural industry policy guarantee is a customized guarantee that supports production and distribution companies related to fields such as film, broadcasting, animation, music, performance, games, comics, characters, publishing, advertising, knowledge information, and content solutions. It has moved away from the previous method of selecting targets based mainly on the company's financial capacity such as credit rating. Instead, it evaluates the characteristics of cultural industry companies by focusing on the production and commercialization capabilities of cultural products.

Going forward, the Ministry of Culture, Sports and Tourism and the Korea Credit Guarantee Fund will establish and operate a 'Cultural Industry Policy Guarantee' worth 1 trillion won over three years. Naver will make a special contribution of 10 billion won to expand the policy guarantee fund. Cultural industry companies that have excellent planning and production capabilities but had difficulty obtaining guarantees due to low sales or equity ratios are expected to benefit. Minister Hwang Hee of the Ministry of Culture, Sports and Tourism stated, "I hope this will provide practical help to cultural industry companies struggling due to COVID-19," and added, "We will continue to strengthen public-private cooperation so that financial support can be received more easily under better conditions."

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