The Korea Technology Finance Corporation (KTFC) announced on the 28th that it signed a 'Business Agreement for Financial Support for Fostering New Growth 4.0 Strategy Areas and Daegu-Gyeongbuk Strategic Industries' with iM Bank (CEO Hwang Byeong-woo, hereinafter referred to as 'iM Bank').
This agreement was prepared by the two organizations to promote the strengthening of the dynamic economic foundation through overcoming the complex economic crisis and revitalizing the regional economy in line with the government's major policies such as the 'New Growth 4.0 Strategy', 'Comprehensive Support for Export Finance', and 'Tailored Corporate Finance Support Plan'.
According to the agreement, Kibo will provide a total of KRW 100 billion in agreement guarantees with a special contribution of KRW 5 billion from iM Bank. Of this, ▲ KRW 60 billion for the ‘New Growth 4.0 and Export Company Promotion Special Contribution Agreement Guarantee’ and ▲ KRW 40 billion for the ‘Daegu·Gyeongbuk Economic Activation Mutual Growth Special Contribution Agreement Guarantee’ will be allocated respectively.
Kibo plans to ease the financial burden on small and medium-sized enterprises by providing benefits such as ▲increased guarantee ratio (from 85% to up to 100%, for 3 years) and ▲reduction of guarantee fee (up to 0.2%p↓, for 3 years) for this guarantee of up to KRW 3 billion.
The target of the 'New Growth 4.0 and Export Company Fostering Special Contribution Agreement Guarantee' is new technology business operators that meet the technology guarantee requirements of Kibo, including ▲New Growth 4.0 ▲Export company support ▲Establishment of startup ecosystem ▲Strengthening of SME competitiveness ▲SMEs in the field of sustainable growth (ESG).
In addition, the target of the 'Daegu·Gyeongbuk Economic Activation Mutual Growth Special Contribution Agreement Guarantee' support is small and medium-sized enterprises with headquarters or main business sites in the Daegu·Gyeongbuk region among new technology business operators that meet the technology guarantee requirements of the Korea Technology Finance Corporation.
Kim Jong-ho, CEO of Kibo, said, “This agreement provides practical financial support measures for small and medium-sized enterprises that are struggling in an uncertain economic climate,” and added, “Kibo will continue to expand collaboration with related organizations to resolve management difficulties for small and medium-sized venture companies and do its best to strengthen technological competitiveness in strategic industries and revitalize the people’s economy through various win-win financing linked to policy support.”
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