Kibo and Shinhan Bank Sign Business Agreement to Promote Financial Support for Cultural Content
Activation of K-Content Production
Cooperation for Fostering the Cultural Content Industry
The Korea Technology Finance Corporation (Kibo) announced on the 29th that it has signed a 'Cultural Content Plus Financial Support Business Agreement' with Shinhan Bank to foster the cultural content industry and revitalize the market. This agreement was established to build a close collaborative system between the two institutions to support content companies facing recent difficulties in securing funding.
Under the agreement, Kibo will provide a total of 31.2 billion KRW in guarantee support using 500 million KRW from Shinhan Bank’s guarantee fee subsidy fund, and Shinhan Bank plans to reduce financial costs for content companies and promote the production of excellent content through the guarantee fee support.
The support targets are companies that meet Kibo’s technology guarantee support requirements, including ▲cultural content production companies and ▲leading content industry companies. A guarantee fee subsidy of 0.8 percentage points will be applied for up to two years, supporting production funds of up to 1 billion KRW per company.
Kibo introduced Korea’s first cultural industry completion guarantee in 2009 and has supported the production of excellent content such as the movie Crime City (parts 2 to 4) and dramas like Boys Over Flowers and Hospital Playlist through more than 1.2 trillion KRW in guarantee supply until last year. This year, Kibo plans to continuously expand financial support by supplying 168 billion KRW in cultural industry completion guarantees, an increase of 14 billion KRW compared to the previous year, to drive innovative growth in the content industry.
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Kim Jong-ho, Chairman of Kibo, said, “Although Korea’s content industry is gaining global recognition and generating various added values with high growth, companies are currently facing difficulties due to rising production costs. Kibo will continue to work with related organizations to activate financial support so that the global competitiveness of K-content can be further strengthened.”
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