The Korea Technology Finance Corporation (KTFC) (Chairman Kim Jong-ho, hereinafter referred to as “KIBO”) announced on the 17th that it signed a “Business Agreement for Financial Support to Overcome Core Industry Crisis and Strengthen Export and Technology Competitiveness” with Shinhan Bank (Chairman Jeong Sang-hyeok, hereinafter referred to as “Shinhan Bank”).
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 through strengthening export and technology competitiveness. The two organizations plan to provide up to KRW 130 billion in agreement guarantees through special contributions and guarantee fee support.
According to the agreement, Kibo will provide preferential support for a special contribution agreement guarantee worth 30 billion won, with Shinhan Bank’s special contribution of 1.5 billion won as the financial source. 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 100 billion won based on Shinhan Bank's guarantee support fund of 1 billion won, and Shinhan Bank will support the guarantee fee (0.5%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, CEO of Kibo, said, “This agreement is significant in that it provides practical financial support to companies operating in key industries that are experiencing difficulties amidst domestic and international uncertainties,” and added, “Kibo will continue to expand customized policy financing support for technology SMEs and take proactive measures to help SMEs overcome management crises and strengthen their export competitiveness.”
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