"Fostering Medical-Device Technology Companies"—KOTEC Partners with Woori Bank and KMDIA

[Financial News] Korea Technology Finance Corporation (KOTEC) has joined forces with the Korea Medical Devices Industry Association (KMDIA) and Woori Bank to support technological innovation in the medical-device industry. 
 KOTEC announced on the 15th that it had signed a "Financial Support Agreement to Expand the Social Value of the Medical-Device Industry."
 The agreement was established to support technological innovation in the rapidly growing medical-device industry, which is converging with advanced technologies such as artificial intelligence (AI) and robotics. It also aims to facilitate funding and stable growth for companies with outstanding technologies. 
 Under the agreement, KMDIA will identify promising small and medium-sized enterprises operating in the medical-device industry and recommend them to KOTEC and Woori Bank. KOTEC plans to provide agreement-based guarantees to recommended companies eligible for lending and guarantee support, using Woori Bank’s special contribution funds and guarantee-fee support funds as the source of financing.
 In particular, companies recommended by KMDIA will be eligible for the "AtoF Agreement-Based Guarantee for Productive Financial Support to Foster Future Strategic Industries." They may receive preferential benefits, including higher guarantee coverage ratios, reduced guarantee fees, and guarantee-fee support.
 Lee Jae-pil, a director at KOTEC, said, "The medical-device industry is a key growth industry that contributes to public health and improved quality of life while leading the future. Through this agreement, we will support companies operating in the medical-device industry that possess outstanding technologies so they can grow in domestic and overseas markets." 

[email protected] Lee Joo-mi Reporter