The Korea Technology Finance Corporation (KTFC) (Chairman Kim Jong-ho, hereinafter referred to as “KIBO”) announced on Friday the 25th that it had signed a “Financial Support Business Agreement for Special Support of Operating Funds for Facility Investment Startups” with the Small and Medium Business Bank (Chairman Kim Seong-tae, hereinafter referred to as “IBK” ).
This agreement was prepared to support the creation of a science and technology and startup ecosystem so that small and medium-sized venture companies can increase economic dynamism and lead the world with new ideas. The two organizations plan to provide up to KRW 100 billion in agreement guarantees to help startups that have completed facility investments secure a stable foundation for future growth.
According to the agreement, Kibo will provide preferential support for a special contribution agreement guarantee worth 50 billion won, with the special contribution of 2.5 billion won from the Industrial Bank of Korea as the financial source. Kibo will provide benefits such as ▲increased guarantee ratio (85% → 90%, for 3 years) and ▲reduction of guarantee fee (0.2%p↓, for 3 years).
In addition, Kibo will provide a guarantee support agreement guarantee worth 50 billion won based on the guarantee support fund of 750 million won from Industrial Bank of Korea, and Industrial Bank of Korea will support the guarantee fee (0.5%p, for 3 years).
The target of support is a new technology business operator that meets the technology guarantee requirements of the Korea Development Bank and has received facility investment funds through the Industrial Bank of Korea's 'Startup Facility Investment Special Support Program.'
Kim Jong-ho, CEO of Kibo, said, “This agreement provides a way for startups to secure the necessary operating funds after facility investment in a timely manner and continue their growth momentum in a stable manner,” adding, “Kibo will continue to strengthen collaboration with financial institutions to help startups achieve continuous growth, and will do its best to revitalize the startup ecosystem to lay the foundation for future growth.”
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