Korea Technology Finance Corporation (KOTEC) joined hands with Samsung Electronics, Woori Bank, and Korea Federation of Small and Medium Enterprises to support manufacturing innovation for small and midsize businesses.
Korea Technology Finance Corporation (KOTEC) said on the 27th that it signed a memorandum of understanding to establish a financial support collaboration system for joint growth between large and small businesses with Samsung Electronics, Woori Bank, and KBIZ.
The agreement aims to promote manufacturing innovation among small and midsize businesses by focusing on building smart factories and to create a financial support foundation for shared growth between large and small businesses through public-private cooperation.
Under the agreement, Korea Technology Finance Corporation (KOTEC) will provide a guarantee-fee support agreement guarantee based on Woori Bank's guarantee-fee support funds, and Woori Bank will offer financial benefits such as guarantee-fee support and preferential lending rate discounts.
Samsung Electronics and KBIZ will jointly operate the "co-prosperity smart factory construction support program for large and small businesses." Participating corporations can lay the foundation for strengthening self-reliance through commercialization support and market development support.
Eligible recipients are small and midsize businesses among new-technology operators that meet Korea Technology Finance Corporation (KOTEC)'s technology guarantee requirements and are recommended by Samsung Electronics and KBIZ. Through the agreement, each organization plans to support the artificial intelligence transformation (AX) of manufacturing sites and continue assistance so that manufacturing innovation results can lead to business growth.