The Korea Technology Finance Corporation (KTFC) announced on Friday, the 20th that it signed a 'Cheonan City and Nonghyup Bank Financial Support Business Agreement for Fostering Technology Startups' with Cheonan City (Acting Mayor Kim Seok-pil) and Nonghyup Bank Chungnam Branch (Director Park Jang-soon, hereinafter 'Nonghyup Bank').
This agreement was promoted to support the innovative growth of technology startups in the Cheonan region by establishing a close cooperative system between the three organizations and to establish a foundation for self-reliant growth through the expansion of regional-led policy financing.
According to the agreement, Kibo will provide preferential support for a special contribution agreement guarantee worth a total of KRW 17.4 billion, following KRW 5.4 billion last year, with KRW 300 million in special contributions from Nonghyup Bank as funding. Kibo plans to support smooth financing for regional technology SMEs and contribute to the creation of a startup and innovation ecosystem by providing benefits such as ▲increased guarantee ratio (from 85% to up to 100%, for 3 years) and ▲reduction of guarantee fees (up to 0.2%p↓, for 3 years).
The support target is a small and medium-sized enterprise that has been established for less than 7 years and whose head office or main business location is located in Cheonan City for more than 1 year among new technology business operators that meet the technology guarantee requirements of Kibo.
The target companies can receive operating funds of up to 500 million won, and in the case of C-STAR companies, future unicorn companies selected by Cheonan City, funding support of up to 1 billion won will be considered through a separate letter of recommendation.
Kim Jong-ho, CEO of Kibo, said, “Through this agreement, we have strengthened cooperation with Nonghyup Bank and have solidified the foundation for innovative growth and support for startups of excellent technology-based SMEs in the Cheonan region.” He added, “Going forward, Kibo will expand customized support based on cooperation with local governments and related organizations and take the lead in regional-led balanced development and revitalization of the local economy.”
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