Korea Eximbank and the Credit Guarantee Fund have joined forces to alleviate the financial burdens faced by innovative growth companies and export-oriented small and medium-sized enterprises (SMEs).
The two organizations announced on the 27th that they signed a memorandum of understanding on the 26th to promote productive and inclusive finance.
This agreement aligns with the government's policy to foster new growth industries and support export activation. It is part of the Eximbank's recently announced plan for 'Eximbank-style productive inclusive finance.'
Under the agreement, the Eximbank will provide special funding for guarantee fee support to the Credit Guarantee Fund, which will then supply guarantee fee support agreements. The target beneficiaries include SMEs engaged in new growth industries such as artificial intelligence (AI) and export-oriented SMEs.
Eligible companies will receive a total of 3.0 percentage points in guarantee fee support over three years: 1.5 percentage points in the first year, 1.0 percentage point in the second year, and 0.5 percentage points in the third year. This support will cover part of the guarantee fees that the companies would otherwise have to pay.
Hwang Gi-yeon, president of the Eximbank, stated, "We will continue to provide comprehensive policy finance support to lower the financial barriers for export SMEs and enhance their crisis response capabilities and future competitiveness."
Kang Seung-jun, president of the Credit Guarantee Fund, expressed hope that the agreement would provide practical assistance for timely funding for innovative growth companies, adding, "We will support the expansion of national growth engines and the growth of export companies through tailored policy finance support."
* This article has been translated by AI.
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