Industrial Bank of Korea (IBK) said on the 24th that it signed a business agreement with Korea Credit Guarantee Fund (KODIT) for "financial support to foster innovative startups and revitalize productive finance," and will provide a total of 500 billion won in financing.
The agreement was signed to support early startups with strong technology but difficulty raising funds, and corporations with strong future growth potential.
Under the agreement, Industrial Bank of Korea (IBK) will offer benefits to corporations that receive a KODIT guarantee certificate, including up to a 1.5 percentage point interest rate cut and a 0.5 percentage point discount on guarantee fees.
Industrial Bank of Korea (IBK) has fostered 1,264 innovative startups through its startup incubation platform "IBK Changgong" as of last month. It provides comprehensive support for startups' scale-up, including investment and loans, consulting, investor relations (IR), and global expansion.