Kibo, Special Low-Interest Loan Guarantee for Companies Conducting Government R&D Projects
500 Billion KRW Scale... Continuous Support for Research, Development, and Commercialization
The Korea Technology Finance Corporation announced on the 8th that it will implement the "Pan-Government R&D Low-Interest Loan Special Guarantee" to support the continuous research and development and commercialization achievements of small and medium venture businesses.
Kibo will provide a special guarantee worth a total of 500 billion KRW to venture companies and startups with relatively weak financing capabilities among companies carrying out government R&D projects, enabling them to continuously conduct research and development. The special guarantee offers various benefits to eligible companies, including ▲a 5.5% interest subsidy (for 5 years) within twice the amount of R&D contribution adjustment ▲an increase in the guarantee ratio (from 85% up to 100%) ▲a fixed guarantee fee rate of 1.0% ▲preferential calculation of guarantee amounts, among others.
Eligible companies are those confirmed as recipients of the interest subsidy by the Small and Medium Business Corporation and the Korea Institute for Advancement of Technology after receiving certificates from all government departments’ dedicated R&D agencies, including the Ministry of SMEs and Startups and the Ministry of Trade, Industry and Energy.
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Kim Jong-ho, Chairman of Kibo, stated, “Due to rapidly changing environmental conditions, companies developing innovative technologies are complaining of a lack of funds, but support through contribution funds alone has its limits, so a new R&D support system is needed.” He added, “Through this special guarantee, Kibo will play a pioneering role in promoting continuous research and development and successful commercialization of companies.”
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