Kibo-Shinhan Bank, 130 Billion Financial Support to Overcome Mid-sized Enterprise Crisis in Key Industries

[Financial News] Kibo Technology Guarantee Fund is joining hands with Shinhan Bank to provide financial support to help small and medium-sized enterprises (SMEs) in key industries overcome crises.
Kibo announced on the 17th that it has signed a 'Financial Support Business Agreement for Overcoming Key Industry Crises and Strengthening Export and Technology Competitiveness' with Shinhan Bank and will supply up to 130 billion won in agreement guarantees.
This agreement was prepared to support the crisis response and innovative growth of SMEs based on exports and technology amid deepening economic uncertainties.
Kibo will preferentially support a special contribution agreement guarantee of 30 billion won using Shinhan Bank's special contribution of 1.5 billion won as a resource. This guarantee applies benefits such as an increase in the guarantee ratio (85%→100%) and a reduction in the guarantee fee by 0.2%p (for three years).
In addition, based on the 1 billion won contributed by Shinhan Bank for guarantee fee support, a separate guarantee fee support agreement guarantee of 100 billion won will be supplied. The companies concerned will receive a 0.5% point reduction in guarantee fees for two years.
The support targets are new technology entrepreneurs who meet Kibo's technology guarantee requirements, including △overcoming key industry crises △strengthening export and technology competitiveness △creating a startup ecosystem △strengthening SME competitiveness △sustainability growth (ESG) fields.
Kim Jong-ho, Chairman of Kibo, said, “This agreement is significant in that it provides substantial financial support to SMEs in key industries,” and added, “Kibo will continue to expand customized financial support to overcome SME crises and strengthen export competitiveness.”

jimnn@fnnews.com Shin Ji-min Reporter