The Korea Technology Finance Corporation (Korea Technology Finance Corporation, Chairman Kim Jong-ho, hereinafter referred to as “KIBO”) announced on Thursday the 26th that it had signed a “Business Agreement on Productive Financial Support for the Promotion of AtoF Future Strategic Industries” with Kookmin Bank (CEO Lee Hwan-joo).
This agreement was established to improve financial accessibility for companies operating in advanced strategic industries and establish a practical financial support foundation to support stable growth, in line with the government's policy to foster future growth engines.
Under the agreement, KIBO will provide a special contribution guarantee worth KRW 180 billion, funded by a KRW 9 billion special contribution from Kookmin Bank. KIBO will provide benefits such as 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).
In addition, Kibo will provide a guarantee fee support agreement guarantee worth KRW 250 billion based on the KRW 4 billion in guarantee fee support funds from Kookmin Bank, and Kookmin Bank will support ▲guarantee fees (0.8%p, for 2 years).
The target of support is a new technology business operator that meets the technology guarantee requirements of the Korea Technology Finance Corporation and operates in six advanced strategic industries: ▲Artificial Intelligence (AI), ▲Bio, ▲Contents & Culture, ▲Defense, ▲Energy, and ▲Advanced Manufacturing (Factory).
Through this agreement, the two organizations plan to continue their cooperation to alleviate the financial burden on small and medium-sized enterprises (SMEs) in future strategic industries, strengthen advanced industrial infrastructure, and support the growth of technology-driven new industries.
Kim Jong-ho, Chairman of Kibo, said, “Through this agreement, the foundation for financial support for innovative companies that will lead future growth engines has been established,” and added, “Kibo will continue to strengthen cooperation with related organizations to actively contribute to the expansion of productive finance and the creation of an innovative growth ecosystem.”
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