The Ministry of Culture, Sports and Tourism and the Korea Creative Content Agency said Monday they signed a business agreement with NongHyup Bank on April 10 to expand an interest-subsidy program for cultural content companies, together with the Korea Credit Guarantee Fund and the Korea Technology Finance Corp.
Under the “content company interest-subsidy support” program, the government covers up to 2.5 percentage points of loan interest for small and midsize content firms that struggle to raise production funding. The agreement allows companies to secure financing more smoothly by using an “agreement guarantee” issued by the guarantee institutions and receiving interest support.
The five participating organizations said they will cooperate for the next three years, each using its own expertise. The culture ministry will provide policy funding, and KOCCA will form a consultative body among the partners and oversee the program’s overall implementation.
The Korea Credit Guarantee Fund and the Korea Technology Finance Corp. will issue dedicated agreement guarantees for content companies. NongHyup Bank will provide loans to eligible firms at rates 2.5 percentage points below standard rates. The program targets small and midsize cultural content companies that receive the agreement guarantee, and the funds are to be used for K-content production and distribution.
The ministry and KOCCA said the deal completes a nationwide content-finance support network with participation from the country’s six major commercial banks.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.