​ADD partners with technology finance support institution to help defense technology companies

By Park Sae-jin Posted : November 18, 2022, 17:21 Updated : November 18, 2022, 17:21

[Courtesy of ADD]

SEOUL -- South Korea's defense technology development agency has partnered with a state-operated credit guarantee finance support institute to help technology companies suffering from heavy interest burdens due to global interest rate hikes.
The Korea Technology Finance Corporation (KOTEC) is a finance support institute that evaluates the value of technology owned by an individual person or small and medium-sized companies (SMEs) based on a credit guarantee system. When its evaluation is completed, KOTEC will provide support money to prevent companies from going bankrupt.
The Agency for Defense Development (ADD) controlled by the Defense Ministry signed a memorandum of understanding with KOTEC to strengthen the credit guarantee-based support system so that more companies will benefit from the life-saving program.
Through the agreement, KOTEC will release a new guarantee program for defense companies by the end of 2022. "Through this agreement, we hope that defense companies reduce the burden of acquiring a money pipeline. We plan to cooperate with financial bodies while seeking multi-angle financial support for the defense industry," ADD official Kim Jin-hong said in a statement on November 18. 
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