Korea Technology Finance Corporation Expands Financial Support for Import Companies... Provides 50 Billion Won in Agreement-Based Guarantees

0.2 Percentage Point Guarantee Fee Reduction for Two Years

Korea Technology Finance Corporation announced on July 21 that it has signed a Financial Support Business Agreement for Supporting the Growth of Import Companies with Korea Importers Association and Hana Bank at the association's office in Seocho-gu, Seoul.

(From left) Jung Hyun Lee, Executive Director of Foreign Exchange Business Group at Hana Bank; Youngmi Yoon, Chairperson of Korea Importers Association; Jaepil Lee, Director of Korea Credit Guarantee Fund, are posing for a commemorative photo after signing a business agreement. Photo by Korea Credit Guarantee Fund

This agreement was established to ease the financial burden on domestic small and medium-sized enterprises (SMEs) and medium-sized import companies struggling due to changes in external conditions such as high exchange rates and high oil prices, and to support the stabilization of the domestic supply chain by facilitating the smooth procurement of key imported items.

According to the agreement, the association will recommend to Korea Technology Finance Corporation import companies that need financial support for the supply of raw and subsidiary materials and core parts. Korea Technology Finance Corporation will provide a total of 50 billion won in guarantee fee support through agreement-based guarantees to the recommended companies, based on a 700 million won guarantee fee support fund from Hana Bank. In addition, Korea Technology Finance Corporation will offer benefits such as a reduction in guarantee fees (by 0.2 percentage points for two years), while Hana Bank will support the guarantee fees (by 0.7 percentage points for two years).

The support is available to SMEs and medium-sized companies recommended by the association that meet Korea Technology Finance Corporation's criteria for a technology guarantee.

With this agreement, each institution plans to continue collaborating to support the smooth financing and operational stabilization of import companies and to strengthen the resilience of the supply chain for not only raw and subsidiary materials but also advanced materials and core parts.

This content was produced with the assistance of AI translation services.