KB Kookmin Bank Provides 770 Billion KRW Loan Support for Advanced and Strategic SMEs

MOU with Korea Technology Finance Corporation

[Asia Economy Reporter Buaeri] KB Kookmin Bank announced on the 10th that it has signed a memorandum of understanding (MOU) with the Korea Technology Finance Corporation to support financing for small and medium-sized enterprises (SMEs) in advanced and strategic industries.

KB Kookmin Bank and the Korea Technology Finance Corporation will strengthen financial support for small and medium venture companies to foster core strategic industries. The support targets include advanced industries such as smart manufacturing and service sectors, six key strategic industry fields, advanced new industries, and companies operating in the environmental, social, and governance (ESG) sectors.

KB Kookmin Bank will make a special contribution of 8.4 billion KRW and provide loans of approximately 770 billion KRW secured by special contribution and guarantee fee support agreement guarantees issued by the Korea Technology Finance Corporation.

The special contribution agreement guarantee applies a 100% guarantee ratio to provide smooth financial support to startup companies lacking creditworthiness and collateral. The guarantee fee support agreement guarantees that the bank will support 0.3% per year of the guarantee fee that companies must pay for two years, reducing the financial costs for companies.

Applications for guarantees and loans under this agreement will be available from the 14th at KB Kookmin Bank and Korea Technology Finance Corporation branches.

A KB Kookmin Bank official said, "We plan to support South Korea's innovative growth by developing various financial products and services to support small and medium venture companies operating in core strategic industries."

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