The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Bang, Moon-Kyu, “Korea Eximbank”) announced March 4 that it signed an MOU with Korea SMEs and Startups Agency (Chairman of the board Kim, Hak-do, “KOSME”) to jointly support and promote the sustainable growth of early-stage export companies of Korea.
Korea Eximbank Chairman Bang Moon-Kyu and KOSME Chairman of the board Kim Hak-do met at Korea Eximbank’s headquarters in Yeouido and signed the MOU.
With the MOU signed, the two institutions would collaborate for export beginners to △ provide joint assistance of Korea Eximbank’s financial support and KOSME’s export marketing program (including loan assistance), △ cooperate in KOSME’s ‘Preemptive Business Structure Improvement Program’* for companies under temporary management difficulties, and △ share information for SMEs to concentrate on export activities without financial problems.
A program to normalize management by improving the structure of enterprises under crisis conditions before restructuring procedures take place
Korea Eximbank is operating a financial support program for early-stage export companies (SMEs with annual export performance of $5 million or less) with streamlined screening process which only examines ‘export contract stability’ and ‘export capabilities’ so that the companies can secure the funds they need without much difficulty.
KOSME offers an export marketing program to foster global SMEs through diverse export support services such as conducting marketing activities connecting foreign buyers and exporters, supporting the diversification of export methods (online) and providing financial assistance.
Upon signing this MOU, Korea Eximbank will expand its quick screening process and joint financial support with KOSME for export beginners participating in KOSME’s marketing support program.
Meanwhile, KOSME plans to strengthen cooperation with Korea Eximbank by introducing its other services such as ‘overseas promotion’ and ‘online market development’ to the export beginners recommended by Korea Eximbank.
After signing the MOU, Bang said "If Korea Eximbank and KOSME combine capabilities and expand joint support for SMEs, more hidden champions will be fostered“ and added, “Korea Eximbank will put all efforts in expanding our role in incubating small but competitive ventures and startups.”
Kim also remarked, "We shall endeavor to help SMEs expand their export business through cooperation with Korea Eximbank by linking our export support programs and joint financial support" and added, “We will continue to utilize our ‘Preemptive Business Structure Improvement Program’ to help normalize the management of companies undergoing hardship.”