Kibo and Cheonan City Join Hands to Foster Local Technology-Based Startups
Cheonan City Special Performance Fund
Support for Agreement Guarantee Worth 5.4 Billion KRW
The Korea Technology Finance Corporation announced on the 31st that it has signed a 'Financial Support Business Agreement for Fostering Technology Startup Companies in Cheonan City' with Cheonan City. This agreement was established to expand policy finance led by local initiatives by building a mutually close cooperation system between the two organizations to support the innovative growth of technology startup companies located in Cheonan City.
According to the agreement, Kibo will preferentially support a special contribution guarantee agreement worth a total of 5.4 billion KRW, funded by Cheonan City's special contribution fund of 300 million KRW. Kibo plans to reduce the financial burden on local technology startup companies and drive innovative growth by applying preferential conditions such as ▲increasing the guarantee ratio (from 85% to up to 100% for 3 years) and ▲reducing guarantee fees (up to 0.2 percentage points decrease for 3 years).
Kim Jong-ho, Chairman of Kibo (third from the right), and Park Sang-don, Mayor of Cheonan (fourth from the right), are posing for a commemorative photo after signing a business agreement.
View original imageThe eligible companies for support are technology startup companies that have been established within 7 years and have their headquarters or main business site located in Cheonan City for more than one year, and they can receive up to 500 million KRW in working capital. Kibo will also consider up to 1 billion KRW through a separate recommendation letter for companies selected as Cheonan's future unicorn companies, 'C-STAR.'
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Kim Jong-ho, Chairman of Kibo, said, “This agreement has strengthened the cooperation system for supporting startups with excellent technology in the Cheonan area and creating a foundation for innovative growth,” adding, “Going forward, Kibo will continue to expand customized policy finance support for balanced regional development led by local governments and revitalization of the local economy by preparing various support measures with local governments.”
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