The Korea Technology Finance Corporation (Korea Technology Finance Corporation, Chairman Kim Jong-ho, hereinafter referred to as “KIBO”) announced on Friday the 19th that it had signed a “Financial Support Agreement for the Promotion and Growth of Technology Startups” with Kookmin Bank (CEO Lee Hwan-joo).
This agreement was implemented to strengthen financial support for technology startups, alleviate the financial burden in the early stages of startups, and establish a stable foundation for their growth through customized support for each stage of growth.
According to the agreement, Kibo will provide a guarantee support agreement guarantee worth 50 billion won based on Kookmin Bank's guarantee support fund of 1 billion won, and Kookmin Bank will support the guarantee fee (1.0%p, for 2 years).
The support target is small and medium-sized enterprises (SMEs) established within the past 7 years that meet the technology guarantee requirements of the Korea Development Bank, including ▲entrepreneurship ecosystem creation companies ▲entrepreneurship growth support target companies ▲Kookmin Bank recommended companies.
Under the agreement, the two organizations will establish a close cooperative system to jointly address the financial difficulties faced by startups and expand customized financial support to help technology startups with innovative technologies grow into key future driving forces.
Kim Jong-ho, CEO of Kibo, said, “Through this agreement, we have established practical support measures to resolve the financial difficulties faced by technology startups,” and added, “Kibo will continue to expand collaboration with financial institutions to support the growth of promising startups and actively contribute to creating a sustainable startup ecosystem.”
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