The Korea Technology Guarantee Fund has announced a partnership with Shinhyup Bank to provide financial support for the development of future strategic industries.
On June 2, the Technology Guarantee Fund signed a memorandum of understanding with Shinhyup Bank for productive financial support aimed at fostering future strategic industries.
This agreement is designed to enhance access to financing for small and medium-sized enterprises (SMEs) in the technology sector and to strengthen the financial support system that underpins innovative growth.
Under the agreement, the Technology Guarantee Fund will provide a special guarantee of 84 billion won, funded by a special contribution of 4.2 billion won from Shinhyup Bank. Eligible companies can receive up to 3 billion won in working capital, along with preferential benefits such as an increased guarantee ratio (from 85% to 100% for three years) and a reduction in guarantee fees (by 0.2 percentage points for three years).
The support is targeted at new technology businesses that meet the Technology Guarantee Fund's criteria, specifically those operating in six key strategic industries: artificial intelligence (AI), biotechnology, cultural content, defense, energy, and advanced manufacturing.
Both organizations aim to reduce the financial burden on SMEs in future strategic industries and continue their collaboration to support the scaling up of technology companies and securing future growth drivers.
Previously, the Technology Guarantee Fund signed an agreement with Nonghyup Bank to provide a total of 317 billion won in guarantees to support the development of future strategic industries and assist companies affected by the Middle East crisis.
Kim Jong-ho, chairman of the Technology Guarantee Fund, stated, "We will continue to expand our cooperation with financial institutions to strengthen productive finance and actively support the innovative growth of technology companies."
* This article has been translated by AI.
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