Korea SMEs and Startups Agency (KOSME) said on the 1st that it signed a business agreement with NICE Information Service to improve access to corporations' credit and technology assessments for small and medium-sized corporations.
The agreement was pursued to lower the credit and technology assessment expense borne in the process of entering the public procurement market and expanding sales channels by corporations admitted to or graduating from the Youth Startup Academy and corporations using Korea SMEs and Startups Agency (KOSME) policy funds. Building on the agreement, it will also strengthen practical capabilities for corporate credit management and bids to public institutions.
The two institutions plan to reduce the fee burden for corporations' credit and technology assessments and provide practical training on corporate credit assessments and bidding with public institutions. They will also pool their efforts not only for joint promotion of support programs for small and startup corporations but also to identify cooperative projects in the field of support for small and medium-sized corporations.
NICE Information Service will offer, for corporations admitted to the Youth Startup Academy and for small and medium-sized corporations within one year after executing a Korea SMEs and Startups Agency (KOSME) policy fund loan, the first corporate credit assessment fee for submission to public institutions at 50,000 won. Depending on corporate form, that is up to a 90% discount off the regular price. For Youth Startup Academy graduate corporations, the fee will be cut by 50%.
It will also reduce the technology assessment expense that evaluates a corporation's technological prowess and business feasibility. For corporations admitted to or graduating from the Youth Startup Academy and corporations supported by Korea SMEs and Startups Agency (KOSME) policy funds, it will discount, depending on the type of assessment, 17% to 40% off NICE Information Service's public research and development (R&D) technology assessments, investment technology assessments, and technology valuation expenses.
In addition, it will run corporate credit assessment and public institution bidding practical training for corporations admitted to or graduating from the Youth Startup Academy. The training will provide practical information such as procedures and utilization methods for corporate credit assessments and notes for credit management.
Cho Han-gyo, executive director for talent growth at Korea SMEs and Startups Agency (KOSME), said, "Corporate credit and technology assessments are an important foundation for small and startup corporations to enter the public procurement and investment markets," adding, "Through this agreement, we will reduce corporations' assessment expense burden and enhance capabilities in using credit and technology assessments to support the expansion of sales channels and subsequent growth of small and medium-sized corporations."