KOTEC and Shinhan Bank to Provide Up to 130 Billion KRW in Agreement Guarantees for Key Industries
Financial Support from Bank Contributions
Assisting Key Industries in Overcoming Crises
On July 17, Korea Technology Finance Corporation (KOTEC) announced that it had signed a "Financial Support Business Agreement for Overcoming Key Industry Crises and Strengthening Export and Technology Competitiveness" with Shinhan Bank.
This agreement was established to support small and medium-sized enterprises (SMEs) operating in key industries as they face deepening domestic and global economic uncertainties, and to promote innovative growth among SMEs by strengthening their export and technology competitiveness. The two organizations plan to provide up to 130 billion KRW in agreement guarantees through special contributions and guarantee fee support.
Under the agreement, KOTEC will provide preferential support for agreement guarantees totaling 30 billion KRW, funded by a special contribution of 1.5 billion KRW from Shinhan Bank. KOTEC will offer benefits such as ▲increasing the guarantee ratio (from 85% to 100%) and ▲reducing the guarantee fee (by 0.2 percentage points for three years). Additionally, based on Shinhan Bank's guarantee fee support fund of 1 billion KRW, KOTEC will supply agreement guarantees totaling 100 billion KRW with guarantee fee support, and Shinhan Bank will support the guarantee fee (by 0.5 percentage points for two years).
The support targets are new technology businesses that meet KOTEC's technology guarantee requirements, specifically SMEs in the following areas: ▲overcoming crises in key industries, ▲strengthening export competitiveness in key industries, ▲strengthening technology competitiveness in key industries, ▲creating a startup ecosystem, ▲enhancing SME competitiveness, and ▲sustainable growth (ESG).
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Kim Jongho, Chairman of KOTEC, stated, "This agreement is significant in that it provides practical financial support to companies operating in key industries that are struggling amid domestic and global uncertainties," and added, "KOTEC will continue to expand customized policy finance support for technology-based SMEs and actively respond to help small and venture businesses overcome management crises and strengthen their export competitiveness."
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