The Korea Technology Finance Corporation (Korea Technology Finance Corporation, Chairman Kim Jong-ho, hereinafter referred to as “KIBO”) announced on Tuesday the 21st that it had signed a “Business Agreement for Recommended Financial Support for the Technology Evaluation Open Platform (K-TOP) for Productive Finance Activation” with Woori Bank (CEO Jeong Jin-wan).
This agreement was established to link Kibo's Technology Evaluation Open Platform (hereinafter referred to as "K-TOP") with Woori Bank's recommendation system to discover innovative companies with high technological performance and growth potential at an early stage and to strengthen SMEs' access to technology financing.
Under the agreement, KIBO will provide preferential support for a special contribution agreement guarantee worth KRW 20 billion, funded by a KRW 1 billion special contribution from Woori Bank. KIBO will provide preferential benefits, including an increase in the guarantee ratio (from 85% to 100% for three years) and a reduction in the guarantee fee (down 0.2 percentage points for three years).
The target of support is a small and medium-sized enterprise recommended by Woori Bank among new technology business operators who meet the technology guarantee requirements of the Korea Development Bank and have obtained a recommendation grade (technology business evaluation grade B or higher) from K-TOP.
Through this agreement, the two organizations plan to establish an organic collaboration system based on K-TOP and strengthen customized financial support for promising small and medium-sized enterprises (SMEs) to expand a productive financial ecosystem.
Kim Jong-ho, CEO of Kibo, said, “This agreement has laid the foundation for small and medium-sized enterprises with technological prowess and growth potential to more easily utilize technology financing and secure stable funding,” adding, “Kibo will continue to expand collaboration with financial institutions and do its utmost to revitalize productive finance and foster innovative companies.”
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