HD Hyundai Site Solutions, a mid-holding company in the construction machinery sector, announced on August 28 that it has signed a memorandum of understanding with the Incheon West Branch of the Small and Medium Business Administration (SMBA) at the HD Hyundai Global R&D Center in Pangyo, Gyeonggi Province, to support small and medium-sized enterprises (SMEs) in strategic industries in the Incheon area through a 'Co-Growth Network Loan.'
The signing ceremony was attended by Jeong Chang-hwa, head of purchasing at HD Hyundai Site Solutions, and Ban Jeong-sik, regional innovation director at SMBA, along with officials from both organizations.
Under this agreement, HD Hyundai Site Solutions will utilize a fund of up to 25 billion won (approximately $22.5 million) to support the stable production activities of partner SMEs. SMBA plans to implement various win-win programs, including support for the Co-Growth Network Loan for partner SMEs, discovering and recommending excellent partners, and providing support for export marketing and workforce training.
The Co-Growth Network Loan is a program where SMBA recommends partner SMEs with excellent technology and growth potential after signing agreements with ordering companies (large, mid-sized, and quality SMEs) and provides production funds to help fulfill supply contracts. The core objective is to alleviate the financial burden on SMEs during the contract fulfillment process and ensure timely access to necessary production funds.
Jeong Chang-hwa stated, "It is important to expand support in areas such as automation and robotics for the continuous growth of our partners. Through this agreement, we will do our utmost to strengthen the competitiveness and sustainable growth of our partner companies."
* This article has been translated by AI.
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