Chairman Kim Han-chul of Korea Technology Finance Corp. (KOTEC) will expand its financial support to start-ups and companies in the early stages of development.
The CEO said the main job of the company in the new year will be to make the business community to know widely that a viable technology alone stands a chance this year with KOTEC’s support. That’s because KOTEC is going all out to help the SMEs with excellent technologies and financial problems.
He told the employees of the company that a calm sea cannot train good sailors. They should work toward their goals even though the economy is rough.
KOTEC will design a system under which it will provide loans to start-ups without guarantees based on the promise of their technologies and operational viabilities. The goal is that the new strategy will able to create jobs for youths in the country. KOTEC will also devise a system in which it will provide support to businessmen who want to restart their failed businesses by guaranteeing their credit just enough that they can secure financial support.
KOTEC allocated 19 trillion won to start-ups that want to expand their operations this year. The fund breaks down to 8.2 trillion won for technology-oriented start-ups; 5.7 trillion won for start-ups that plan to find new growth engines; and 4.2 trillion won for companies that want to create jobs.
The company also allocated 2.8 trillion won for support to various activities related to the Creative Economy drive pushed by the government, including R&D activities on knowledge asset guarantees; companies for technology fusion; the facilities that the companies want to build for new growth engines; and start-ups seed money guarantees.
KOTEC will focus heavily on the evaluation capacity of technologies this year. The company wants to further develop the evaluation model on investments, which the company developed so that it may be able to conduct improved evaluations.
Since its establishment in 1989, Korea Technology Finance Corporation, KOTEC, has been providing more than 240 trillion won of technology guarantee for tech-oriented SMEs and has contributed to the seamless economic development through nurturing and enhancing new growth engines of national economy. KOTEC will continuously dedicate its full competency to supporting new growth engine industries such as innovative SMEs, green technology enterprises, young start-ups, and culture content production firms to produce good-quality jobs. As a specialized financial institution, KOTEC will lead other institutions to improve practices to be relevant with fostering Creative Economy.
“We will make every possible efforts to make paragon of technology financing practices which is pivotal function of creative economy, based on our distinguished human resources and unique technology appraisal system (KTRS), patented and acclaimed globally,” the company said.
KOTEC has been playing a leading role for many years to provide technology guarantee for tech-oriented SMEs which have compelling business cases but do not have sufficient financial capabilities in an effort to enhance technological competitiveness of the SMEs and explore/expand support for tech-oriented start-ups, ventures and Inno-Biz and has been building comprehensive framework of finance support for technology by providing a wide range of services including investment based on technology assessment and tech·management guide.
Furthermore, KOTEC has been focusing on support for companies that are financial venerable but technologically competent by establishing future-oriented guarantee framework based on thorough technology appraisal and support for companies with growth potential such as tech start-ups to expand future growth momentum and create quality work.
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