"Fostering North Jeolla Province's Future Industries"... KOTEC Joins Hands with Nonghyup Bank

[Financial News] Korea Technology Finance Corporation (KOTEC) has partnered with Nonghyup Bank to support North Jeolla Province's future industries.
KOTEC announced on the 4th that it had signed a "Business Agreement for Financial Support for Shared Growth to Promote a Great Leap Forward in North Jeolla Province's Future Industries" with Nonghyup Bank.
This agreement was established to enhance the competitiveness of North Jeolla Province's future strategic industries, such as artificial intelligence (AI), agriculture and biotechnology, and clean energy, and to support the scale-up of promising local companies through financial support tailored to their growth stages.
Under the agreement, KOTEC will provide special contribution agreement guarantees worth 20 billion won, based on a special contribution of 1 billion won from Nonghyup Bank. KOTEC plans to offer preferential benefits, including an increase in the guarantee ratio (85%→100%, for 3 years) and a reduction in guarantee fees (0.3%p decrease, for 3 years).
Eligibility is limited to new technology businesses that meet KOTEC's technology guarantee requirements and have their head office, main business site, or factory located in North Jeolla Province; they must also be engaged in one of the six major strategic high-tech industries: AI, bio, cultural content, defense, energy, or advanced manufacturing (Factory).
Building on this agreement, both organizations plan to continue their cooperation to expand financial support for promising companies in North Jeolla Province and establish a "North Jeolla Province-style growth ladder."
"We expect this agreement to support the growth of promising small and medium-sized enterprises in North Jeolla Province," said Kim Tae-joo, Head of the Honam Regional Headquarters of KOTEC. "We will continue to expand cooperation with financial institutions to discover excellent technology companies and support the strengthening of competitiveness and balanced growth of the region's future industries."

[email protected] Lee Ju-mi Reporter