The Korea Technology Finance Corporation (hereinafter referred to as the “KIBO”) announced on Monday, the 7th, that it had signed a “Financial Support Agreement for Overcoming Core Industry Crisis and Strengthening Export and Technology Competitiveness” with Kookmin Bank and Nonghyup Bank (in alphabetical order, hereinafter referred to as the “Affiliated Banks”).
This agreement was prepared to support small and medium-sized enterprises in key industries to overcome crises amid deepening domestic and international economic uncertainty, and to promote innovative growth of small and medium-sized enterprises by strengthening the foundation for export and technological competitiveness. Kibo and the agreement bank plan to provide agreement guarantees worth up to KRW 547.1 billion through special contributions and guarantee fee support.
According to the agreement, Kibo will provide preferential support for a special contribution agreement guarantee worth KRW 210 billion, using the special contribution of KRW 10.5 billion from the agreement bank as a source of funds. Kibo will provide benefits such as ▲increased guarantee ratio (85% → 100%) and ▲guarantee fee reduction (0.2%p↓ for 3 years).
In addition, Kibo will provide a guarantee support agreement guarantee worth KRW 337.1 billion based on the guarantee support fund of approximately KRW 4.7 billion from the partner banks, and the partner banks will support the guarantee fee (0.7%p, for 2 years).
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).
Kim Jong-ho, Chairman of Kibo, said, “Kibo is preparing various support measures to respond to the economic environment with increasing domestic and international uncertainty and to enhance the global competitiveness and stabilize the management of export diversified companies and strategic product export companies,” adding, “We will continue to expand policy support for strengthening the competitiveness and technological advancement of key industries through active collaboration with relevant organizations.”
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