Launch of Youth Startup Company Guarantee with Zero Collateral and Guarantee Fees
Woori Bank Signs 'Youth Startup Star Financial Support Business Agreement'... Actively Supporting Youth Startups
[Asia Economy Reporter Kim Cheol-hyun] From now on, youth startup companies within 7 years of establishment will be able to smoothly secure funds for technology development and commercialization through the Youth Startup Company Guarantee of the Korea Technology Finance Corporation (Kibo), which carries no guarantee fee burden.
The Korea Technology Finance Corporation (Chairman Jung Yoon-mo, hereinafter Kibo) and Woori Bank (President Kwon Kwang-seok) announced on the 29th that they signed the "Youth Startup Star Financial Support Business Agreement for Supporting Youth Startup Companies" to spread the entrepreneurial spirit by alleviating the initial financial cost burden of youth startup companies.
Through this agreement with Woori Bank, Kibo will support guarantee fees of 0.3 percentage points for 3 years or 0.5 percentage points for 2 years for youth startup companies within 7 years of establishment whose actual managers are aged 39 or younger, based on Woori Bank's guarantee fee support fund. The total preferential guarantee scale is 50 billion KRW.
Kibo recently reformed the Youth Startup Company Guarantee system to provide preferential support such as ▲increasing the guarantee ratio (85% → 95%) and ▲reducing guarantee fees (down by 0.3 percentage points). In particular, for excellent youth startup companies participating in the government's startup support programs, Kibo newly established the "Youth Tech Star Guarantee," which includes ▲expanded guarantee limits (up to 600 million KRW), ▲increased guarantee ratio (85% → 100%), ▲fixed guarantee fee rate of 0.3%, and ▲expanded special calculation for guarantee amount (200 million KRW), actively supporting them.
Hot Picks Today
As Samsung Falters, Chinese DRAM Surges: CXMT Returns to Profit in Just One Year
- "Most Americans Didn't Want This"... Americans Lose 60 Trillion Won to Soaring Fuel Costs
- Man in His 30s Dies After Assaulting Father and Falling from Yongin Apartment
- Samsung Union Member Sparks Controversy With Telegram Post: "Let's Push KOSPI Down to 5,000"
- "Why Make Things Like This?" Foreign Media Highlights Bizarre Phenomenon Spreading in Korea
Jung Yoon-mo, Chairman of Kibo, said, "Kibo is actively supporting youth startups by establishing various support measures such as expanding guarantee limits and creating the Youth Tech Star Guarantee to foster a youth startup ecosystem where society supports the challenges of prepared youth." He added, "Through today's agreement, the combination of Kibo's technology finance infrastructure and Woori Bank's financial support is expected to contribute to the revitalization of youth startups and the innovative growth of youth startup companies."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
