Kibo and NongHyup Bank Join Forces to Overcome Complex Economic Crisis
Preferential Guarantee Support Worth 171.1 Billion KRW for Vulnerable SMEs
The Korea Technology Finance Corporation (Chairman Kim Jong-ho, hereinafter Kibo) announced on the 10th that it has signed a "Financial Support Business Agreement for Overcoming the Complex Economic Crisis and Fostering New Growth Industries" with NongHyup Bank (President Lee Seok-yong) and will provide preferential guarantees totaling 171.1 billion KRW.
This agreement was prepared to expand financial support for vulnerable small and medium-sized enterprises (SMEs) experiencing management difficulties due to the recent complex economic crisis and technology SMEs in new growth industry sectors. Kibo will preferentially support a special contribution guarantee worth 60 billion KRW using 3 billion KRW of special contributions from NongHyup Bank, and provide preferential benefits such as an increase in the guarantee ratio (from 85% to 100%) and a reduction in guarantee fees (by 0.2 percentage points for 3 years) to reduce financial costs for SMEs and drive innovative growth.
Additionally, Kibo will support a guarantee fee support agreement guarantee worth 111.1 billion KRW using 1 billion KRW of guarantee fee support funds, and NongHyup Bank will support a guarantee fee of 0.3 percentage points for 3 years. Through special contributions and guarantee fee support, a total of 171.1 billion KRW in agreement guarantees will be provided.
The target companies for support include vulnerable SMEs engaged in innovative leading industries, new growth industries such as ultra-gap future strategic industries, startup ecosystem creation sectors such as technology startups, SME competitiveness enhancement sectors, and technology SMEs in sustainable growth (ESG) sectors such as climate and environmental industries.
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Kim Jong-ho, Chairman of Kibo, stated, "The role of policy finance is important for technology SMEs to overcome economic crises such as high interest rates and maintain competitiveness," and added, "Kibo will continue to expand agreements with commercial banks to provide various financial supports for technology innovation SMEs to overcome crises."
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