The Korea Technology Finance Corporation (Korea Technology Finance Corporation, Chairman Kim Jong-ho, hereinafter referred to as “KIBO”) announced on Monday the 29th that it had signed a “Financial Support Agreement for the Promotion of Social Venture Fostering and Social Solidarity Economy Growth” with Kookmin Bank and Hana Bank (in alphabetical order, hereinafter referred to as “Affiliated Banks”).
This agreement aims to establish a foundation for revitalizing the social venture ecosystem and realizing social value, and was promoted to support the stable growth of social venture companies and resolve financial difficulties through collaboration between policy finance institutions and private financial institutions.
Kibo will provide a guarantee fee support agreement guarantee worth 23 billion won based on the guarantee fee support funds of Kookmin Bank (400 million won) and Hana Bank (100 million won), and the agreement banks will support the guarantee fee (0.8%p) for up to three years.
Eligible for support are companies identified by KIBO as social ventures. KIBO plans to link its agreement guarantee with its social venture impact guarantee to reduce the burden of actual guarantee fees and provide effective financial support to ensure the stable growth of social ventures.
Kim Jong-ho, CEO of Kibo, said, “This agreement is very meaningful in that the public and private sectors have collaborated to support the growth of social ventures that solve various social problems,” and added, “Kibo will continue to support the stable growth of social ventures and take the lead in realizing social value as a dedicated support organization for social venture companies.”
Meanwhile, Kibo opened the Social Venture Valuation Center in 2018 to focus on identifying social venture companies, and is supporting their growth through various programs, including impact guarantee support and operating a dedicated platform.
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