The Export-Import Bank of Korea announced on the 4th that it has signed a business agreement with the Small and Medium Venture Business Corporation (Medium Vacuum) to support export companies.
According to the agreement, the two organizations agreed to support early export companies by linking finance and marketing businesses, and cooperate in self-structuring programs for companies with temporary management difficulties.
Currently, the Export-Import Bank is operating a support project that examines the stability and performance of export contracts to help raise funds for early export companies (small and medium-sized enterprises with annual exports of 5 million dollars or less) that lack creditworthiness and collateral.
In addition, Middle Vacuum is continuing its export marketing business with services such as discovery and promotion of overseas buyers, support for diversification of export methods (online), and financial provision for SMEs.
In the future, the Export-Import Bank plans to expand expedited screening and joint financial support for companies participating in the export marketing business of Medium Vacuum.
Heavy Vacuum also actively cooperates with the companies recommended by the Export-Import Bank by linking additional services such as overseas promotion and online market development.
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“If the capabilities of the two organizations are combined, a number of competitive small and medium export companies will be created,” said Bang-gyu, head of the Export-Import Bank.
Chairman Kim Hak-do also responded, “We will also support a preemptive self-structuring improvement program to normalize business management in crisis companies, so that we will be a reliable support for companies in need.”