Jeonbuk Province Signs Business Agreement with Economic Trade Promotion Agency and Credit Guarantee Fund

Evaluation of Venture Business Development Fund Support Targets and Addition of Guarantee Institutions

[Jeonju=Asia Economy Honam Reporting Headquarters Reporter Kim Han-ho] Jeonbuk Province announced on the 1st that it has signed a business agreement with the Jeollabuk-do Economic and Trade Promotion Agency and the Honam Sales Headquarters of the Korea Credit Guarantee Fund to support venture business development funds.

Through this business agreement, Jeonbuk venture companies, which previously only received technical evaluations from the Korea Technology Finance Corporation, will now have the opportunity to receive business evaluations from the Korea Credit Guarantee Fund as well, enabling them to receive guarantee support.

Above all, the foundation was laid when the Ministry of SMEs and Startups designated the Korea Credit Guarantee Fund as a specialized evaluation agency for venture company verification last year.

In line with this, Jeonbuk Province has revised the "Jeollabuk-do Small and Medium Enterprise Development Fund Operation Ordinance Enforcement Rules" and has been discussing the roles of each partner institution and the scope of evaluation for funding support targets.

Meanwhile, the target for venture business development fund support includes SMEs located in the province that hold a valid venture company verification certificate issued by a venture company verification agency as of the loan application date, and venture companies that have not exceeded seven years since their establishment.

Within an annual loan limit of 15 billion KRW, loans of up to 1 billion KRW per company are provided for facilities and working capital.

Additionally, through agreements with 12 commercial banks, loans are provided at a fixed interest rate of 3.78%, and since Jeonbuk Province supports 3.18% of the loan interest, companies only bear an interest rate of 0.6%.

Companies wishing to apply for venture business development fund support can visit the Jeollabuk-do Economic and Trade Promotion Agency to apply, and the application period is from October 1 until funds are exhausted.

Jeonju=Honam Reporting Headquarters Reporter Kim Han-ho stonepeak@asiae.co.kr

This content was produced with the assistance of AI translation services.