The Korea Technology Guarantee Fund announced on July 16 that it signed a "productive financial support agreement for the cultivation of AtoF future strategic industries" with IAMBANK on July 15.
AtoF refers to six strategic industries that the government is fostering as future growth engines: artificial intelligence (AI), biotechnology, content and culture, defense, energy, and advanced manufacturing.
The agreement aims to expand financial support for outstanding technology companies leading future strategic industries, thereby strengthening the foundation for innovative growth and fostering future growth engines based on cooperation between policy and private finance.
The Korea Technology Guarantee Fund will provide a special guarantee of 50 billion won, funded by IAMBANK's special contribution of 2.5 billion won. The guarantee ratio will be increased from the existing 85% to 100% for three years, and the guarantee fee will be reduced by up to 0.3 percentage points over the same period. Additionally, based on IAMBANK's 500 million won guarantee fee support, a guarantee fee support agreement worth 23.8 billion won will also be provided.
Lee Jae-pil, a director at the Korea Technology Guarantee Fund, stated, "This meaningful collaboration supports the innovative growth of small and medium-sized technology companies leading future strategic industries through cooperation between policy finance and private finance. The Korea Technology Guarantee Fund will continue to strengthen connections with relevant institutions to actively support the scale-up and competitiveness of technology SMEs."
* This article has been translated by AI.
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