KOTEC, Shinhan Bank partner to support cultural content industry

[Courtesy of Korea Technology Finance Corp.]

Korea Technology Finance Corp. (KOTEC) announced on Wednesday that it has signed an agreement with Shinhan Bank to foster growth of the cultural content industry.

Under the agreement, KOTEC, the quasi-governmental loan guarantee provider, will offer a total of 31.2 billion won ($22.7 million) in guaranteed loans, utilizing Shinhan Bank’s 500 million won guarantee fee support fund.

Shinhan Bank will help reduce financial costs for content creators and promote content production by supporting their guarantee fees.

Eligible for this support are cultural content production companies and leading content industry companies that meet KOTEC’s support requirements.

The program will offer a guarantee fee support rate of 0.8 percentage point for up to two years, with funding capped at 1 billion won per company for content production financing.