KB Kookmin Bank contributes 11.8 billion won to KODIT and KOTEC to support young entrepreneurs

[Financial News] KB Kookmin Bank will provide a total of 11.8 billion won to KODIT and KOTEC to ease financing burdens for young startups. It plans to provide loans backed by guarantee certificates under the agreement worth about 200 billion won.
According to financial industry sources on the 5th, KB Kookmin Bank signed a “Young Startup Hope Ladder Financial Support” MOU with KODIT and KOTEC to improve young startups’ access to finance and ease their initial cost burdens.
The agreement was pursued to expand financial support for young startups with innovative ideas and outstanding technological capabilities, promote startup activity and job creation, and put productive and inclusive finance into practice.
KB Kookmin Bank will make a special contribution of 5 billion won and provide 900 million won in guarantee-fee support to each of KODIT and KOTEC. It plans to provide loans backed by guarantee certificates under the agreement worth about 200 billion won.
Eligible businesses are those established within the past seven years whose representative is at least 17 and no older than 39. They must also meet the guarantee requirements of KODIT and KOTEC.
Eligible businesses will be issued preferential guarantee certificates that provide 100% guarantee coverage for three years and fully waive guarantee fees.
A KB Kookmin Bank official said, “We hope this agreement will serve as a ladder offering young startups struggling to secure funding an opportunity to take a new leap forward.” The official added, “We will continue to expand financial support for young startups with strong growth potential and create a financial environment in which young entrepreneurs can continue to grow.”
[email protected] Seo Ji-yoon Reporter