The Korea Small and Medium Enterprises and Startups Agency (KOSME) has established a supply chain cooperation system with POSCO and will provide production funds to small businesses in the steel and secondary battery sectors.
KOSME announced on May 21 that it signed a memorandum of understanding (MOU) with POSCO, POSCO Future M, N2B, and POSCO HY Clean Metal at POSCO's headquarters in Pohang.
About 20 officials attended the signing ceremony, including Ban Jeong-sik, KOSME's Director of Regional Innovation; Lee Seung-ki, Head of Equipment and Material Purchasing at POSCO; Jo Eun-gu, Head of Purchasing Contracts at POSCO Future M; Yoon Jin-soo, Head of Equipment Purchasing at N2B; and Park Ji-yoon, Head of Management Support at POSCO HY Clean Metal.
This agreement aims to strengthen the cooperative framework with small businesses amid increasing global supply chain uncertainties in the steel and secondary battery industries. Major affiliates of the POSCO Group are participating jointly for the first time.
The key elements of the agreement include: support for cooperative small businesses through the Cooperative Growth Network Loan; recommendations for outstanding companies and linkage with policy projects; expanded information exchange in industrial fields; and the establishment of a cooperative system to enhance supply chain competitiveness.
Currently, approximately 90 companies are participating in the Cooperative Growth Network Loan program, which is in its third year. KOSME plans to expand participation from major corporate groups to broaden support for small businesses and actively respond to global supply chain restructuring.
The Cooperative Growth Network Loan is designed to foster a collaborative ecosystem between large and small businesses. When a large or mid-sized company that has signed an agreement with KOSME recommends a small business, KOSME prioritizes providing low-interest production funds based on the order. This financial product supports up to 80% of the order amount as short-term funding within 365 days.
Ban Jeong-sik, KOSME's Director of Regional Innovation, stated, "This agreement with the POSCO Group, which leads the domestic steel and secondary battery industries, will serve as a meaningful example of cooperation between large and small businesses. We will lead stable funding for cooperative small businesses and the stability of various industrial supply chains through the expansion of the Cooperative Growth Network Loan support."
* This article has been translated by AI.
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