Suhyup Bank Signs Productive Financial Support Agreement with Korea Technology Finance Corporation to Foster Future Strategic Industries
Special Contribution of 4.2 Billion Won and 84 Billion Won in Guaranteed Loans Provided
Sh Suhyup Bank announced on June 2 that it has signed a "Productive Financial Support Agreement for Fostering Future Strategic Industries A to F" with the Korea Technology Finance Corporation to support six key advanced strategic industries that will drive future economic growth in Korea.
This agreement was established to alleviate the funding difficulties faced by technology-based small and medium-sized enterprises, to enhance the overall competitiveness of advanced industries, and to help build a robust startup ecosystem.
Suhyup Bank will allocate a special contribution of 4.2 billion won as its funding source and plans to provide agreement-guaranteed loans totaling 84 billion won.
Eligible companies can receive up to 3 billion won in working capital loans. In addition, the guarantee coverage ratio will be raised from 85% to 100%, and the guarantee fee will be reduced by 0.2 percentage points for three years, among other preferential benefits.
The targeted "A to F" industries refer to Artificial Intelligence (AI), Bio, Contents & Culture, Defense, Energy, and advanced manufacturing (Factory).
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Bank President Shin Hakki stated, "We will provide broader support across fields and beyond boundaries so that technology companies leading Korea’s future economic growth do not miss out on opportunities due to funding issues," adding, "We will continue to be a bank that advances together with innovative companies through practical financial support."
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