Export Financing for R&D Success Stories: Korea Trade Insurance Corporation Offers 300 Billion Won in Trade Finance to Innovative Enterprises
Korea Trade Insurance Corporation Launches "Industrial R&D Innovation Enterprise Preferential Financing"
Industrial Bank of Korea and Hana Bank Provide 20 Billion Won to Boost Preferential Guarantee Supply
The Korea Trade Insurance Corporation is launching customized export support for small and medium-sized enterprises (SMEs) and mid-sized businesses with outstanding research and development (R&D) achievements.
The corporation announced on August 26 that it has introduced the "Industrial R&D Innovation Enterprise Preferential Financing," a mutual growth trade finance product targeting R&D innovation enterprises.
An official from the corporation explained, "This program provides tailored overseas expansion funding for SMEs and mid-sized companies that have successfully completed government R&D projects," adding, "It is characterized by helping research and development achievements translate into business results."
Industrial Bank of Korea and Hana Bank, which serve as R&D dedicated banks, will contribute 20 billion won and, using these funds, will provide export finance credit limit extensions (2 to 2.5 times), preferential guarantee rates (raising from 90% to 100%), and guarantee fee discounts (20%), thereby supporting a total of 300 billion won in preferential guarantees.
Additionally, to support government policies such as the "Five Regions, Three Special Zones" and the manufacturing artificial intelligence (AI) transition, companies located outside the Seoul metropolitan area and participants of the "M.AX Alliance" will be offered special credit limits of up to 2.5 times. Through this, the corporation expects that companies pursuing overseas expansion based on R&D achievements will be able to reduce the burden of securing export capital through higher limits and lower interest rates.
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Jang Youngjin, President of Korea Trade Insurance Corporation, stated, "This R&D Innovation Enterprise Preferential Financing is a support program jointly introduced by the Ministry of Trade, Industry and Energy, Industrial Bank of Korea, Hana Bank, and Korea Institute for Advancement of Technology. We believe it will facilitate the overseas expansion of export-oriented SMEs and mid-sized companies with technological competitiveness. Going forward, we will continue to strive for the expansion of mutual growth finance through collaboration with the government, financial institutions, and related organizations."
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