SME Corporation Signs Business Agreement with POSCO Affiliates for Co-Prosperity Network Loan Support

Participation by POSCO, POSCO Future M, and Others

The Small and Medium Business Corporation announced on the 21st that it had signed a "Business Agreement for Supporting Co-Prosperity Network Loans for SMEs" together with POSCO, POSCO Future M, N2B, and POSCO HY Clean Metal at the POSCO headquarters in Pohang, North Gyeongsang Province.

Panoramic view of the Small and Medium Business Corporation in Jinju, Gyeongnam. Small and Medium Business Corporation

The signing ceremony was attended by Ban Jeong-sik, Director of Regional Innovation at the Small and Medium Business Corporation, Lee Seung-gi, Head of Facility and Material Procurement at POSCO, Cho Eun-gu, Head of Procurement and Contract at POSCO Future M, Yoon Jin-su, Head of Facility Procurement 1 at N2B, Park Ji-yoon, Head of Management Support Group at POSCO HY Clean Metal, and 20 other stakeholders.

This agreement was established to strengthen the system of mutual cooperation with SMEs and enhance supply chain stability, as major subsidiaries of the POSCO Group have jointly participated amid increasing global supply chain uncertainties in the steel and secondary battery industries.

The main terms of the agreement include: ▲ support for Co-Prosperity Network Loans for partner SMEs ▲ recommendation of outstanding companies and linkage with policy projects ▲ expansion of information exchange at industrial sites ▲ establishment of a cooperative system to strengthen supply chain competitiveness.

The Co-Prosperity Network Loan is a program designed to foster a collaborative ecosystem between large enterprises and SMEs. When a client company (large or mid-sized company) that has signed an agreement with the Small and Medium Business Corporation recommends an SME subcontractor, the Corporation provides the recommended SME with low-interest production funds based on the purchase order as a priority.

Currently in its third year, the Co-Prosperity Network Loan program involves about 90 client companies. This is the first time that major subsidiaries of a large enterprise group are participating simultaneously. Moving forward, the Small and Medium Business Corporation plans to expand group-level participation by large enterprise groups, broaden support for SME subcontractors, and actively respond to global supply chain restructuring.

Ban Jeong-sik, Director of Regional Innovation at the Small and Medium Business Corporation, stated, "This agreement with POSCO Group, which leads the domestic steel and secondary battery industries, will become a meaningful example of mutual cooperation between large enterprises and SMEs." He added, "By expanding support for the Co-Prosperity Network Loan, we will lead the way in providing stable funding for partner SMEs and stabilizing the supply chains across various industries."

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