The Korea Technology Finance Corporation (Korea Technology Finance Corporation, Chairman Kim Jong-ho) and BNK Gyeongnam Bank (CEO Kim Tae-han) signed a memorandum of understanding (MOU) to provide productive financial support to foster local ventures and startups. This agreement, in line with the government's balanced regional development policy, aims to improve financial accessibility for outstanding ventures and startups in the Gyeongnam region and strengthen the local innovation and startup ecosystem.
Under the agreement, KIBO will provide a special contribution guarantee worth KRW 20 billion, funded by a KRW 1 billion special contribution from Gyeongnam Bank, and will provide up to KRW 200 million in operating capital per company. Furthermore, preferential benefits, such as an increase in the guarantee ratio (from 85% to 100% for two years) and a reduction in guarantee fees (0.2 percentage points for two years), will be provided.
Eligible for support are new technology companies that meet the technology guarantee requirements of the Korea Development Bank (KIBO), have their headquarters or main business located in Gyeongsangnam-do, have been in business for less than seven years, and are selected as "CHAIN-G" companies by Gyeongnam Bank. Through this agreement, the two organizations aim to ease the financial burden on local SMEs and strengthen the growth foundation for ventures and startups with technological capabilities.
Kim Jong-ho, CEO of Kibo, said, “This agreement has laid the foundation for promising innovative companies in the Gyeongnam region to secure stable funding,” and added, “We will continue to expand collaboration with local financial institutions to support regionally-led balanced development and revitalized startup ecosystems.”
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