Kocca and Shinhan Bank Expand Financial Support for Content Companies

The Korea Creative Content Agency (KOCCA) and Shinhan Bank announced on the 6th that they will expand financial support projects to foster the growth of small and medium-sized enterprises (SMEs) in the content industry.

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Last year, Shinhan Bank contributed 1 billion KRW to the Korea Credit Guarantee Fund and the Korea Technology Finance Corporation, and will add an additional 2.5 billion KRW. They will support guarantees for content sector SMEs recommended by KOCCA.

Content companies can receive a guarantee fee support of 0.8% per annum for up to 2 years within a guarantee limit of 1 billion KRW when using loans linked to guarantees from the Korea Credit Guarantee Fund and the Korea Technology Finance Corporation. Accordingly, the loan amount eligible for benefits by content companies is expected to reach up to 160 billion KRW.

A KOCCA official explained, "Among the additional 2.5 billion KRW contribution, 30% is planned to be used for companies recommended by KOCCA," adding, "Along with Shinhan Bank's guarantee fee support, companies can also receive partial government interest cost support (2.5% points), which is expected to significantly reduce financial costs."

Since April last year, KOCCA has been recommending excellent K-content companies to Shinhan Bank and linking the content guarantee system.

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