The Industrial Bank of Korea (IBK) announced on Sept. 7 that it will launch the Start-up Support Master Program as part of the Companion Fund in support of the government’s initiative to seek out reformative businesses and help lead their growth through productive financing to create better quality jobs.
The bank has increased the Start-up and Enterprise Seed Money Fund to 20 trillion won from 18 trillion won. It also launched the Start-up Venture Support Team directly under the president of the bank to provide support to the start-ups on such matters as management consultation mentoring and marketing, among others.
The bank will make investments in start-ups with great potential to provide them with seed money from the Accelerator Fund and additional support when the companies are well on their ways.
The bank will also make bank loans accessible to those start-ups which attracted venture capital so they can take out loans with low interest rates, the bank said.
The bank will also offer a mentoring service to start-ups so they will be able to continue to retain their high-quality management. Accelerators specialized in different types of businesses will provide mentoring services on the production of high-quality products and attracting outside investments, among others, along with the educational programs designed for start-ups and venture enterprises secured through strategic cooperation with overseas financial institutions. The bank will also provide support in such areas as market exploration, manpower hiring and management policies, including matching them up with successful vendors and forging partnerships with successful overseas firms.
The bank pair them together with global banks, such as Santender, so they can find appropriate business firms to partner with overseas.
IBK officials said the program is the start of a wide-ranging service offering support to a business from its infancy, securing operating funds, marketing and public relations.
“We will provide productive financing to the start-ups so that they can create good quality new jobs,” they said.
Since its establishment in 1961, Industrial Bank of Korea has been committed to honoring its charter of financing small and medium sized enterprises.
While maintaining that traditional role and helping to facilitate the nation’s economic development, in recent years the Bank has extended the scope of its expertise to provide a comprehensive range of financial services to individual customers in a quest to emerge as a leading financial services group.
In pursuit of that goal, IBK is making every effort to enhance its competitiveness, achieve balanced growth and strengthen its global presence. The Bank employs around 10,000 staff and operates a distribution network of 612 branches including 12 overseas branches. Providing complementary services, the Bank also operates several subsidiaries: IBK Capital Corporation, IBK-SG Asset Management, IBK System Co., Ltd., and IBK Credit Information Corporation. In 2008, IBK Investment & Securities was launched, focused on meeting the needs of SME customers for services such as IPOs and M&As. Moreover, strategic alliance with Korea Investment Holdings enhances product competitiveness and affiliation with the National Post Office promoting easy customer access to IBK banking services.
IBK owns and operates IBK Capital Corporation, IBK Securities Co., Ltd., IBK Insurance Co., Ltd., IBK Asset Management Co., Ltd., IBK Systems Co., Ltd., and IBK Credit Information Co., Ltd. In Korea, IBK offers diverse products and services through its 636 branches. In terms of its global operations, IBK now covers six continents to provide easily accessible financial services and products.