The Korea Technology Finance Corporation (hereinafter referred to as “KIBO”) announced that it signed a “comprehensive financial support business agreement for responding to changes in the global trade environment” with the Industrial Bank of Korea (hereinafter referred to as “IBK”) and the Korea Credit Guarantee Fund (hereinafter referred to as “Shinbo”) at the IBK headquarters in Seoul on Friday the 13th.
This agreement was promoted to minimize the impact on small and medium-sized enterprises and venture companies due to changes in the global trade environment and to establish a support foundation to enable small and medium-sized enterprises to create new growth opportunities.
According to the agreement, the three organizations will support small and medium-sized enterprises to overcome crises and strengthen their competitiveness, while also actively cooperating for new leaps such as market expansion. Accordingly, Kibo plans to prepare customized support measures to overcome crises in key industries and secure technological superiority due to changes in the global trade environment.
In addition, Kibo will sign a separate detailed agreement with Industrial Bank of Korea and provide a guarantee guarantee of up to KRW 350 billion through special contributions and guarantee fee support.
Kibo will support a special contribution agreement guarantee worth 200 billion won with a special contribution fund of 10 billion won as a financial resource, and will provide preferential benefits such as ▲increase in guarantee ratio (85% → 100%, for 3 years) and ▲reduction of guarantee fee (0.2%p↓, for 3 years). In addition, Kibo will supply a guarantee fee support agreement guarantee worth 150 billion won based on approximately 3.1 billion won in guarantee fee support funds from Industrial Bank of Korea, and Industrial Bank of Korea will support the guarantee fee (0.7%p, for 3 years).
The support targets are new technology companies that meet the technology guarantee requirements of the Korea Development Bank, among which ▲ companies operating in industries at risk (automobiles, steel, semiconductors, batteries, and electronics) due to changes in the trade environment and are at risk of direct or indirect damage ▲ cutting-edge technology companies operating in opportunity industries (shipbuilding, defense, artificial intelligence, quantum, robots, autonomous vehicles, pharmaceuticals, etc.) with expected market size expansion.
Kim Jong-ho, CEO of Kibo, said, “With this agreement, a systematic cooperation plan has been established to overcome the trade crisis and enhance industrial competitiveness at a time when global economic uncertainty is increasing and industrial and technological competition is intensifying.” He added, “Going forward, Kibo will expand collaboration with financial institutions and strengthen policy support so that SMEs can continue to grow even in difficult economic conditions at home and abroad.”
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