The Technology Guarantee Fund (hereinafter referred to as ‘KIBO’) announced on the 22nd that it signed a ‘Business Agreement on Financial Support for Fostering Technology Startups’ with Seongnam City.
This agreement was prepared to establish a customized collaboration system between the two organizations to support the fostering and innovative growth of technology startups, and to contribute to the expansion of regional-led policy financing and the creation of a startup foundation.
The two organizations have been collaborating since 2021 to provide financial support to technology startups, and have supported the activation of the local technology startup ecosystem by providing policy financing to a cumulative 90 companies by 2024.
According to this agreement, Kibo will provide a special contribution agreement guarantee worth a total of 8 billion won, with a special contribution of 400 million won from Seongnam City as the source of funding. The target of the support is a technology start-up company that has been in business for less than 7 years and has a factory or business site located in Seongnam City among new technology business operators that meet Kibo’s technology guarantee requirements.
The company can receive up to KRW 500 million in operating funds, and will also receive preferential benefits such as ▲increased guarantee ratio (from 85% to up to 100%, for 3 years) and ▲guarantee fee reduction (up to 0.2%p↓, for 3 years).
In addition, Kibo plans to actively discover excellent local technology startups, link them with various non-financial programs, and provide customized support for scale-up.
Lee Jae-pil, CEO of Kibo, said, “With this agreement, we have further strengthened the cooperative system that can support the innovative growth of technology startups located in Seongnam City,” and “Kibo will continue to expand collaboration with local governments and contribute to the creation of a local startup ecosystem and revitalization of the local economy through various policy linkages.”
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