Kibo Provides Preferential Facility Funds to Revitalize Corporate Facility Investment
Establishment of Rapid Guarantee Support System
Alleviating Corporate Financial Cost Burden
The Korea Technology Finance Corporation (Kibo) announced on the 6th that it has prepared a plan to expand facility fund guarantee support to promote corporate investment and revitalize the economy amid the contraction of facility investment due to high interest rates and the deterioration of business conditions caused by the economic recession.
Kibo will implement preferential facility fund support on a temporary basis this year for key sectors requiring policy support. Along with improvements to related guarantee systems, it plans to actively provide guarantees at all branches to induce the expansion of corporate facility investment, thereby contributing to the realization of a dynamic economy.
The companies eligible for preferential facility fund support are those in Kibo’s key support sectors: ▲ New Growth 4.0 ▲ Local-based companies ▲ Export companies. Kibo has improved the system by applying a fixed guarantee fee rate of 1.0% to these supported companies, thereby alleviating the financial burden on companies investing in facilities.
Additionally, to ensure prompt guarantee support, the internal review process has been simplified. In particular, for facility fund guarantees with full cancellation conditions, the credit review of companies has been relaxed to strengthen policy support for key sector companies temporarily facing difficulties in fundraising.
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Kim Jong-ho, Chairman of Kibo, stated, “Kibo is focusing its policy capabilities on overcoming the economic crisis by resolving management difficulties of small and medium-sized enterprises (SMEs) caused by worsening external conditions and actively supporting the expansion of facility investment in key sectors.” He added, “We will continue to prepare various support measures to expand customized financial support for SME growth and economic revitalization.”
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