The Korea Technology Finance Corporation (KIBO) announced on the 21st that it has signed a “Technology Assessment Open Platform (K-TOP) Recommended Financial Support Business Agreement for the Promotion of Productive Finance” with Woori Bank. According to KIBO, this agreement is designed to link KIBO’s technology assessment open platform with Woori Bank’s recommendation system to early identify innovative companies with high technical competence and growth potential, and to enhance access to technology finance for small and medium-sized enterprises (SMEs).
Under the agreement, KIBO will provide preferential support for a special guarantee agreement amounting to 20 billion KRW, funded with 1 billion KRW specially contributed by Woori Bank. KIBO will offer incentives such as an increased guarantee rate (from 85% to 100% for three years) and a reduction in guarantee fees (by 0.2% points for three years).
The support targets are SMEs that meet KIBO’s technology guarantee requirements, are recommended by Woori Bank, and have attained a recommendation-eligible grade (B or higher in technology business evaluation) on the K-TOP platform.
KIBO Chairman Kim Jong-ho stated, “Through this agreement, a foundation has been laid for small and medium-sized enterprises with technological and growth capabilities to more easily utilize technology finance and secure funds stably.”