Kibo-Incheon City, 100 Billion Financial Support for Technology SMEs

[Financial News] Kibo Technology Fund and Incheon Metropolitan City join hands to provide a total of 100 billion won in financial support to local technology SMEs.
Kibo Technology Fund announced on the 22nd that it signed a business agreement for the 'Technology Innovation Company Jump-Up Project' with Incheon Metropolitan City and Incheon Technopark.
This agreement aims to jointly discover promising technology companies in the Incheon area and provide customized financial support combining preferred guarantees and interest subsidies. The core is to alleviate the financial burden and promote growth based on technological innovation in a high-interest and high-inflation environment.
According to the agreement, Kibo will supply preferred guarantees of up to 100 billion won based on 2 billion won in interest subsidies contributed by Incheon City. The guarantee ratio will be increased from 85% to 90%, and the guarantee fee will be reduced by up to 0.3%p (applied for three years each). Incheon City will support selected technology companies with an annual interest subsidy of 2%p for one year.
The support targets are technology innovation-leading companies with factories or business sites in Incheon City, which must meet both Kibo's guarantee requirements and Incheon City's interest subsidy requirements. Up to 1 billion won per company is supported, and if the technology business evaluation is A grade or higher, up to 3 billion won is possible.
Kim Jong-ho, chairman of Kibo, said, “This agreement is significant in that it has established a cooperative system to alleviate the financial burden and help the growth leap of technology SMEs in the Incheon area amid great uncertainty in the management environment,” adding, “We will continue to expand cooperation with local governments to contribute to the recovery of local industry vitality and economic revitalization.”

jimnn@fnnews.com Shin Ji-min Reporter