Design Promotion Institute Partners with Kibo to Expand Financial Support for Design Specialized Companies
[Asia Economy Reporter Kim Bo-kyung] The Korea Institute of Design Promotion signed a business agreement on financial support for design-specialized companies with the Korea Technology Finance Corporation at the Korea Design Center in Bundang on the 27th.
This agreement was established to set detailed provisions for the comprehensive business agreement on supporting design-specialized and manufacturing companies, signed with the Korea Technology Finance Corporation in September last year, in order to lay the groundwork for financial support in the design sector and build a customized collaboration system.
According to the agreement, the Institute of Design Promotion will pay a special contribution of 100 million KRW to the Korea Technology Finance Corporation, which will use this fund as a resource to provide guarantee support with a limit of 2 billion KRW, which is 20 times the contribution amount, for special contribution agreement guarantees to eligible companies.
Additionally, the Institute will provide the Korea Technology Finance Corporation with guarantee fee support funds (4 million KRW) and technology evaluation fee support funds (4 million KRW) to implement measures for companies eligible for special contribution agreement guarantees, including ▲ increasing the guarantee ratio from 80% to 100% ▲ reducing the guarantee fee by 0.2 percentage points ▲ providing a one-time guarantee fee support of 0.2 percentage points ▲ supporting technology evaluation fees.
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Yoon Sang-heum, President of the Korea Institute of Design Promotion, stated, "As consumer trends and industrial paradigms change, the role and importance of design in creating customer experiences are growing, but the average sales of domestic design-specialized companies have stagnated at around 600 million KRW over the past three years. We will actively expand financial support to discover innovative designs and business models so that these companies can continue to grow."
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