Kibo, Busan Bank, and Busan City Sign 100 Billion Won Financial Support Agreement for Startups and Venture Companies

[Financial News] Kibo Technology Guarantee Fund announced on the 15th that it has signed a 'Financial Support Business Agreement for the Promotion of Startups and Venture Companies in Busan' with Busan Bank and Busan Metropolitan City, and will begin financial support.
This agreement was prepared to discover and nurture promising startups and venture companies in the Busan area based on the corporate support capabilities of the three organizations and to establish a public-private collaborative financial support system.
Kibo will provide a special contribution guarantee agreement of 100 billion won using the 5 billion won contributed by Busan Bank as a resource. The guarantee ratio will be increased from 85% to 100%, and the guarantee fee will be reduced by 0.4%p. These preferential benefits will be applied for three years. Busan City will link interest subsidy funds to support loan interest rates by up to 1.5%p for three years.
The support targets are small and medium-sized enterprises that meet Kibo's technology guarantee requirements and have their headquarters or main business location in Busan City. Companies in the fields of innovative growth, technology startups, and job creation are eligible.
This agreement is expected to enable customized financial support by simultaneously lowering guarantee fees and interest rates, reducing the financial burden on startups and venture companies in the Busan area, and contributing to the revitalization of the local startup ecosystem.
Kim Jong-ho, Chairman of Kibo, said, “Through this agreement, a foundation has been established for small and medium-sized enterprises in the Busan area to grow stably from initial startup to growth stage,” and added, “We will continue to expand public-private cooperation to actively support small and medium-sized venture companies to grow as the core driving force of the regional economy.”

jimnn@fnnews.com Shin Ji-min Reporter