Busan City to provide 15 billion won in financial support to climate tech companies

[Financial News] Busan City is rolling out 15 billion won in financial support to ease the financial burden on local small and midsize enterprises with technologies to address the climate crisis. 
The city said it signed an MOU with BNK Financial Group and Korea Technology Finance Corporation at the City Hall’s International Protocol Room on the morning of the 6th to support the financing costs of climate tech companies in Busan.
Mayor Chun Jae-soo, BNK Financial Group Chairman Bin Dae-in, Korea Technology Finance Corporation Chairman Hyung-taek Kwon and others attended the signing ceremony that day and signed the agreement. 
The agreement is designed to ease the financial burden on local small and midsize enterprises with innovative technologies to address the climate crisis, and to support the commercialization of climate tech and the transition to low-carbon production processes.
Under the agreement, the three institutions will establish a financial and technical support system to help companies secure funding and provide a total of 15 billion won in financial support.
Eligible companies are small and midsize enterprises headquartered or with their principal place of business in Busan that meet Korea Technology Finance Corporation’s requirements for its carbon value assessment guarantee support.
The city will cover part of the loan interest and help companies establish greenhouse gas inventories so they can systematically track and manage their greenhouse gas emissions. BNK Financial Group will offer preferential-rate loans and support for guarantee fees, while Korea Technology Finance Corporation will waive technology evaluation fees and provide preferential guarantees.
The loans under the agreement will be offered through Busan Bank and BNK Kyongnam Bank. Detailed loan terms and support criteria will be applied in accordance with the agreement and each institution’s operating standards.
Mayor Chun said, "I hope this agreement will ease the financial burden on climate tech companies and help spur the commercialization and field testing of carbon-reduction technologies, as well as investment in low-carbon facilities." 
[email protected] Kwon Byeong-seok Reporter