Seongnam City Supports Technology Companies with 8 Billion Won... 400 Million Won Contribution to Kibo

Seongnam City Hall

Seongnam City in Gyeonggi Province is set to support technology companies with a total of 8 billion KRW.

Seongnam City announced on the 30th that it will contribute a special fund of 400 million KRW, 200 million KRW each this year and next, to the Korea Technology Finance Corporation (Kibo). Using this fund, Kibo will provide preferential guarantees totaling 8 billion KRW, with up to 500 million KRW per company, to technology startup companies in Seongnam applying for management fund loans. Preferential measures include a 100% guarantee ratio for three years and a 0.2% reduction in guarantee fees.

The eligible companies are small and medium enterprises pursuing new technology businesses in information and communications, professional, scientific, and technical services, with factories or business sites located in Seongnam, and established within the last seven years.

Applications for preferential guarantees can be made from today until the guarantee limit is exhausted at Kibo’s Seongnam and Pangyo branches.

After Kibo conducts technology evaluations and guarantee reviews and issues the preferential guarantee certificate, the companies can obtain management fund loans from commercial banks.

A Seongnam City official explained, "Through preferential guarantees, we aim to establish a growth foundation for local startup companies lacking sufficient capital."

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