IBK Industrial Bank, Korea Credit Guarantee Fund to Provide 500 Billion Won for Startup Financing

IBK Industrial Bank of Korea said Thursday it signed a business agreement with the Korea Credit Guarantee Fund to provide 500 billion won in financial support aimed at helping innovative startups grow and expanding productive finance.

The program targets early-stage startups that have strong technology but struggle to raise funds.

Under the agreement, IBK said companies that receive KODIT guarantee certificates will be eligible for benefits including interest-rate cuts of up to 1.5 percentage points and a 0.5-point discount on guarantee fees.

An IBK official said the support was designed for innovative companies facing financing difficulties despite solid technology, adding the bank will continue to back small and midsize companies through each stage of growth and work to invigorate the startup ecosystem.