IBK Industrial Bank has partnered with the Korea Technology Finance Corporation to provide a total of 200 billion won in financial support for promising young startups.
On October 30, the bank announced that it signed a memorandum of understanding with the corporation to enhance financial support for young entrepreneurs struggling to secure initial funding.
This collaboration follows an agreement made in August with the Korea Credit Guarantee Fund, expanding the scope of cooperation among policy finance institutions to increase funding for promising young startups.
The support will target young startups that receive guarantees from the corporation. IBK Industrial Bank will provide up to 3 billion won per company for operating and facility funds, along with benefits such as a maximum interest rate reduction of 1.5 percentage points and a reduction in guarantee fees.
An IBK official stated, "This financial support signifies the strengthened collaboration among policy finance institutions for promising young startups. We will continue to work towards fostering a vibrant ecosystem for young entrepreneurs."
* This article has been translated by AI.
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