The Korea Technology Finance Corporation (Korea Technology Finance Corporation, Chairman Kim Jong-ho, hereinafter referred to as “KIBO”) announced that it signed a “Financial Support Agreement for Fostering Social Ventures and Activating Social Solidarity Economy” with Hana Bank (CEO Lee Ho-seong) at the KIB Seoul office on Tuesday the 16th.
This agreement was implemented to provide tailored financial support to social ventures with technological innovation capabilities, in line with the government's policy to promote the growth of the social solidarity economy, and to help establish a stable foundation for growth and resolve financial difficulties.
According to the agreement, Kibo will provide a special contribution agreement guarantee worth KRW 10 billion based on Hana Bank's special contribution of KRW 500 million, and will provide preferential benefits such as ▲increase in the guarantee ratio (from 85% to 100%, for 5 years) and ▲reduction in guarantee fee (0.5%p↓, for 5 years).
The target of support is a social venture company identified by Kibo, a social solidarity economy organization that contributes to solving social problems based on innovative technology and ideas.
This agreement marks the second collaboration on financial support specifically for social ventures, following the guarantee fee support agreement signed between the two organizations last September. Through this agreement, the two organizations plan to strengthen their collaborative support system to support the sustainable growth of social ventures and prioritize fostering companies that contribute to the creation of social value.
Kibo CEO Lee Sang-chang said, “Social ventures are a key player in the social solidarity economy, pursuing both solving social problems and creating economic value.” He added, “Kibo will continue to strengthen cooperation with relevant organizations to systematically support the growth of social ventures and do its best to create a financial ecosystem centered on social value.”
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