Korea Eximbank is launching its 'Productive Inclusive Finance' program to support small and medium-sized enterprises (SMEs) and startups from inception to growth and recovery.
On September 13, the bank announced the introduction of 'technology special loans,' which will assess companies based on their technological capabilities rather than credit ratings. These loans will be available for businesses with annual sales exceeding 2 billion won, with a maximum loan amount of 5 billion won and a repayment period of up to three years.
For companies with export records that require urgent operating funds, the bank will offer 'rapid special loans' of up to 500 million won without credit evaluations, relying only on financial ratings and business execution capability assessments. These special loans will feature interest rates comparable to those for high-quality SMEs, with additional preferential rates for businesses located outside the capital region.
To alleviate financial burdens, Korea Eximbank will make a special contribution to the Korea Credit Guarantee Fund, covering guarantee fees for companies utilizing guarantees for up to three years, with a total reduction of up to 3 percentage points. The two institutions plan to sign a related business agreement later this month.
The bank will also enhance support for growth by linking investments and loans. It plans to establish venture funds targeting artificial intelligence (AI), advanced strategic industries, and K-culture, with plans to select a management company by December. Companies receiving investments from Korea Eximbank will also have access to a package that includes technology loans.
For SMEs undergoing restructuring, the bank will expand support for recovery. It will reduce the interest rates on loans for companies that are diligently repaying their principal and interest to as low as 1% annually and will also write off 16.2 billion won in special bonds that have not been collected for an extended period.
A Korea Eximbank official stated, "We will create an ecosystem that supports the entire growth process of SMEs and startups, from establishment to leap forward and re-challenge."
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.