The Korea Technology Finance Corporation (Korea Technology Finance Corporation , Chairman Kim Jong-ho, hereinafter referred to as “KIBO”) announced that it will sign a “Technology Innovation Company Jump-Up Project Business Agreement” with Incheon Metropolitan City (Mayor Yoo Jeong-bok, hereinafter referred to as “Incheon City”) and Incheon Technopark (Director Lee Ju-ho) on Tuesday, the 22nd.
This agreement was promoted to ease the financial burden of excellent technology SMEs in the Incheon area and to establish a cooperative system to promote technological innovation and establish a stable growth foundation. The three organizations plan to jointly discover SMEs with excellent technology and support the growth leap of SMEs by increasing their access to funds through financial support linked to preferential guarantees and secondary guarantees.
According to the agreement, Kibo will provide preferential guarantees of up to KRW 100 billion based on the KRW 2 billion in secondary guarantees supported by Incheon City. Kibo will apply preferential conditions such as ▲increased guarantee ratio (from 85% to 90%, for 3 years) and ▲reduction of guarantee fees (up to 0.3%p, for 3 years), and Incheon City will provide secondary guarantees (2%p per year, for 1 year) to excellent technology companies selected by Kibo, which is expected to have a substantial financial cost reduction effect for small and medium-sized enterprises.
The target of support is a technology innovation leading company that satisfies the technology guarantee requirements of the Korea Development Institute and the secondary security requirements of Incheon City among the companies with factories or business sites in Incheon City. The support limit is up to 1 billion won per company, and in the case of a technology business evaluation grade of A or higher, preferential support of up to 3 billion won can be received.
Kim Jong-ho, CEO of Kibo, said, “This agreement is significant in that it establishes a collaborative system to support growth by easing the financial burden of small and medium-sized technology companies in the Incheon area at a time when the management environment is becoming increasingly uncertain due to high interest rates and high prices.” He added, “Kibo will continue to do its best to strengthen cooperation with local governments, enhance technological innovation capabilities in the region, and contribute to economic revitalization by revitalizing local industries.”
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