Up to 10 Billion KRW Special Guarantee Support Provided to Nuclear Power-Related Companies

Announcement of Six Major Initiatives to Strengthen Mid-Term Dynamism in Kibo

At the press conference held on the 15th, Kim Jong-ho, Chairman of the Korea Technology Finance Corporation, explained the role of Kibo.

Special guarantee loans of up to 10 billion KRW per company will be provided to nuclear power-related companies. This is included in the six detailed promotion tasks announced by the Korea Technology Finance Corporation (Kibo) to enhance the dynamism of small and medium-sized venture enterprises. Kibo selected these tasks to overcome the crisis facing the Korean economy and to establish a sustainable growth foundation amid expanding concerns about a global economic recession due to the prolonged Ukraine crisis, supply chain disruptions, persistent inflation, and the complex crisis of low growth combined with the three highs (high prices, high interest rates, and high exchange rates), which have worsened the perceived business conditions of small and medium-sized enterprises.

On the 15th, Kibo held a press briefing at the Korea Federation of SMEs in Yeongdeungpo-gu, Seoul, under the theme "Enhancing the Role of Korea Technology Finance Corporation to Strengthen the Dynamism of Small and Medium Venture Enterprises." The six promotion tasks announced by Kibo are ▲ focused support for future strategic new industries ▲ support for scale-up and globalization of small and medium venture enterprises ▲ strengthening support for R&D and intellectual property commercialization ▲ complementing the private venture investment market centered on local and startup companies ▲ full recovery support for small and medium enterprises affected by COVID-19 ▲ and innovation of customer services through digital transformation.

First, to focus support on future strategic new industries, Kibo plans to precisely identify ultra-gap future strategic industries such as semiconductors and provide comprehensive financial and non-financial package products in these fields. In particular, guarantee support to strengthen the competitiveness of the nuclear power industry will be expanded. Special guarantee loans of up to 10 billion KRW per company will be implemented for companies commercializing nuclear power-related products, services, and goods. Kim Jong-ho, Kibo’s Chairman, explained, "There have been many difficulties for nuclear power-related companies" and added, "We are preparing two-track support by distinguishing between core companies and general companies, and a significant portion of support has already begun."

To support the scale-up and globalization of small and medium venture enterprises, programs tailored to the characteristics of each growth stage and overseas expansion guarantees will be prepared. This is to realize a ‘complete venture ecosystem’ from pre-startups to global unicorns. To strengthen support for intellectual property commercialization, Kibo will expand R&D guarantees and intellectual property guarantees and actively promote the revitalization of technology transactions among small and medium enterprises. To complement the venture investment market centered on local and startup companies, support for complex financing that combines guarantees and investments will also be strengthened.

Kibo will support the full recovery of small and medium enterprises affected by COVID-19 by consulting with financial authorities to find ways to extend maturities and reduce corporate burdens, and will actively cooperate in debt restructuring through the New Start Fund. Additionally, to promote innovation in customer services through digital transformation, a technology evaluation system collaboratively operated by experts and artificial intelligence will be fully introduced.

This announcement of Kibo’s six promotion tasks is a continuation of the expansion of support functions for small and medium enterprises centered on technological innovation and technology finance that have been pursued so far. Over the past five years, Kibo has supported guarantees worth about 118 trillion KRW for small and medium venture enterprises and directly invested 162.2 billion KRW in 209 technology companies linked to guarantees. It has also supported 96 prospective unicorn companies with 578.6 billion KRW, discovering promising companies and supporting technological innovation.

Chairman Kim said, "Kibo will faithfully support the six promotion tasks so that domestic small and medium venture enterprises do not lose their growth momentum amid difficult domestic and international economic environments such as COVID-19, the Ukraine crisis, and persistent inflation," and added, "We will continue to do our best as a comprehensive technology finance support institution to restore vitality to our economy and support innovative growth, faithfully carrying out the new government’s national agenda."

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