Kibo Signs Business Agreement with Major Commercial Banks to Foster Advanced and Strategic Industries
1.44 Trillion Won Preferential Guarantee Support to Ensure Success of Government National Tasks
[Asia Economy Reporter Kim Cheol-hyun] The Korea Technology Finance Corporation (Chairman Kim Jong-ho, hereinafter referred to as Kibo) announced on the 10th that it has signed a 'Financial Support Agreement for Small and Medium Enterprises to Foster Advanced and Strategic Industries' with major commercial banks including Kookmin Bank, Shinhan Bank, Woori Bank, and Hana Bank. This agreement was prepared to support the successful implementation of the national agenda announced with the launch of the new government last month. The main content is to expand financial support for technology-based SMEs in the advanced and strategic industry sectors through collaboration between Kibo and major commercial banks.
The support targets are SMEs related to the government’s national agenda in the fields of ▲advancement of core industries ▲maintaining strategic industry super-gap ▲fostering advanced new industries ▲strengthening industrial competitiveness ▲creating a startup ecosystem ▲building growth ladders ▲sustainable growth (ESG) ▲regional balanced development.
Through the agreement, Kibo will provide preferential guarantees worth a total of 1.44 trillion KRW, funded by 17 billion KRW in special contributions and 7.4 billion KRW in guarantee fee support from major commercial banks. Kibo will offer benefits such as ▲increased guarantee ratio (from 85% to 100%) ▲reduction of guarantee fees (by 0.2%p for 3 years), and banks will provide ▲guarantee fee support (ranging from 0.2%p to 0.5%p, varying by bank) to support innovative growth by reducing financial costs for technology SMEs.
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Kim Jong-ho, Chairman of Kibo, said, "Expanding financial support for technology SMEs engaged in advanced and strategic industries will be the first step toward the success of the new government’s national agenda," adding, "Kibo will continue to make greater efforts to ensure that policy finance warmth is fully delivered to technology innovation SMEs that require focused support."
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