"Seoul City and Full-Cycle R&D Support"… Kibo Selects Phase 1 Supported Companies

25 Companies Selected for 'Seoul-type BIRD Program'
KRW 200 Million Guarantee Support Provided

The Korea Technology Finance Corporation (Kibo) announced on the 31st that it has selected a final group of 25 companies as the first phase participants of the 'Seoul-type BIRD Program.'

The Seoul-type BIRD Program is a region-specific R&D project introduced for the first time by a local government through collaboration between Kibo and the Seoul Metropolitan Government to support the entire research and development (R&D) cycle of small and medium-sized venture companies in the Seoul area and to strengthen the innovation growth ecosystem. It is an expansion of the ‘BIRD Program’ operated by Kibo to Seoul, providing matched step-by-step R&D funding to ensure that the R&D achievements of small businesses quickly lead to commercialization.

Kibo and the Seoul Metropolitan Government will provide linked support for stepwise R&D totaling 41 billion KRW, divided into three phases. In the first phase, Kibo will provide a 200 million KRW guarantee for R&D planning funds; in the second phase, the Seoul Metropolitan Government will support up to 400 million KRW for Seoul-type R&D execution funds; and in the third phase, Kibo will provide up to 3 billion KRW in guarantees for R&D commercialization funds, supporting the entire R&D cycle of small and medium-sized venture companies.

Selected companies in the first phase will receive benefits including ▲guarantee support for development planning funds (200 million KRW) ▲increased guarantee ratio (from 85% to 100%) ▲preferential guarantee fee rates (within 1%) ▲priority recommendation for investment screening for interested companies. Among these companies, those eligible for second-phase support will be selected through an evaluation by the Seoul Metropolitan Government in July.

Lee Jae-pil, a director at Kibo, stated, "We will continue to expand collaboration with various local governments to strengthen R&D support based on public-private matching capital and do our best to ensure the successful commercialization of excellent R&D-performing companies in regional hubs."

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