The Korea Technology Finance Corporation (KTFC) (Chairman Kim Jong-ho, hereinafter referred to as “KIBO”) announced on Wednesday, the 25th, that it signed a “Business Agreement on Financial Support for Overcoming Key Industry Crisis and Strengthening Export and Technology Competitiveness” with Gwangju Metropolitan City (Mayor Kang Ki-jung) and Gwangju Bank (CEO Koh Byeong-il).
This agreement was prepared to support overcoming the crisis of key industries suffering from deepening uncertainty in the real economy, and to promote innovative growth of local SMEs by strengthening the foundation of export and technology competitiveness. In particular, the three organizations will establish a close cooperative system to contribute to revitalizing the local economy by expanding practical financial support for SMEs in the materials, parts, and equipment industries, export diversification companies, strategic product export companies, and companies expanding overseas with large corporations.
According to the agreement, Kibo will provide a guarantee support agreement guarantee of up to KRW 20 billion, with KRW 100 million of Gwangju Bank's guarantee support fund as the source of funds, and Gwangju Bank will support the guarantee fee (0.5%p, for 1 year).
The support target is among new technology business operators who meet the technology guarantee requirements of the Korea Development Bank, and are ▲ overcoming the crisis of their main industry ▲ strengthening the export competitiveness of their main industry ▲ strengthening the technological competitiveness of their main industry ▲ creating a startup ecosystem ▲ strengthening the competitiveness of SMEs ▲ SMEs in the field of sustainable growth (ESG).
In addition, if the target company qualifies for secondary conservation support from Gwangju Metropolitan City, it can additionally receive secondary conservation support of up to 4% per year up to a maximum of 500 million won.
Kim Jong-ho, CEO of Kibo, said, “This agreement is significant in that it establishes a practical financial support system for key industries and export SMEs that are the backbone of the regional economy amid uncertain economic conditions,” and added, “Kibo will continue to expand cooperation with local governments and financial institutions and strengthen customized financial support to enhance the self-reliance and competitiveness of regional companies.”
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