Kibo Collaborates with Incheon City to Foster Excellent Small and Medium Tech Enterprises in Incheon Area

40 Billion KRW Agreement Guarantee to Be Supported
with Special Contributions from Incheon City

The Korea Technology Finance Corporation (Kibo) announced on the 21st that it will support 40 billion KRW worth of agreement guarantees this year under the 'Technology SME Guarantee Support Agreement' signed with Incheon Metropolitan City.

This agreement guarantee was established to foster the materials, parts, and equipment industry located in the Incheon area and to build a foundation for the innovative growth of technology SMEs.

Kibo plans to provide 40 billion KRW in SME development funds, an increase of 10 billion KRW compared to the previous year. The target companies are those that meet Kibo's technology guarantee requirements and have their main office and factory located in Incheon City, including ▲companies engaged in materials and parts industries ▲technology innovation leading companies ▲companies in aviation and logistics industries ▲companies commercializing patent rights ▲Incheon Innovation Plus(+) companies ▲companies engaged in future strategic industries such as semiconductors.

According to the agreement, the support limit per company is up to 1 billion KRW for Incheon Innovation Plus(+) companies and up to 500 million KRW for other companies. New guarantees are handled with 100% full coverage, and the guarantee fee is reduced by 0.2 percentage points for five years.

Chun Chang-ho, a director at Kibo, stated, “Since the business agreement with Incheon City in January 2020, we have supported guarantees worth 220 billion KRW for 1,183 companies using 11 billion KRW funded by Incheon City until last year,” and added, “We will continue to strengthen cooperation with Incheon City to lead the scale-up of excellent local technology SMEs and revitalize the regional economy.”

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