Busan Bank to Provide KRW 10 Billion in Guarantee Support to Local Cultural Content Companies with the Korea Credit Guarantee Fund (KODIT)

[Financial News] Busan Bank announced on the 6th that it had signed a business agreement on productive financial support for K-content with the Korea Credit Guarantee Fund (KODIT) and would expand financial support for cultural content production companies.
The agreement was established to facilitate financing for cultural content companies with growth potential. 
Under the agreement, Busan Bank will make a special contribution of KRW 500 million to KODIT, which will use the funds to provide guarantees totaling KRW 10 billion. Eligible recipients include companies producing cultural content in areas such as broadcasting, film, games, comics, animation, characters, music, performances and publishing.
The support will be provided through the Cultural Industry Completion Guarantee and the Cultural Industry Specialized Guarantee. The Cultural Industry Completion Guarantee helps cultural content production companies raise the funds needed for production based on presale contracts signed with distributors. The Cultural Industry Specialized Guarantee provides funding needed during the planning, production and commercialization of content.
Guarantee support provided under the agreement will receive 100% guarantee coverage for the first three years, while the guarantee fee rate will be reduced by 0.5 percentage points over the same period.
Busan has a foundation in various content industries, including film and video, with the Busan International Film Festival (BIFF) among them. Through the agreement, Busan Bank plans to continue providing financial support so that content companies operating in the region can grow steadily.

[email protected] Kwon Byeong-seok Reporter