April 20, 2024
Industrials
LX Corp. to create 20 billion-won fund for SMEs by 2021
[THE INVESTOR] The state-run Korea Land and Geospatial Informatix Corporation will seek to bolster mutual development with small and medium-sized enterprises and expand support for promising individuals by forming a fund of 20 billion won ($18.3 million) within three years, the company said on Dec. 20.
“Public institutions are responsible for creating an economy in which all members are well off,” said Park Myoung-sik, CEO of LX Corp.
“LX will continually make efforts to put together more opportunities to support SMEs, entrepreneurs and talents.”
The state-run company plans to boost the current loan fund of 2 billion won to 20 billion won by 2021.
SMEs can access loans at a low interest rate of about zero to 3 percent, as LX and the state-owned Industrial Bank of Korea will cover for a combined 3.45 percent interest, the company said.
Out of the annual 2.3 percent interest rate LX has to cover, 0.2 percent will be used to support talented individuals in North Jeolla Province.
IBK will also cover for 1.35 percent interest, the company said.
Interest rate charged on SMEs differ by the enterprise.
Through a “fourth industrial revolution”-related research contest held for universities in North Jeolla Province, LX plans to expand research and development with academia.
Participants will pitch a research topic of their choice to examine across such fields as artificial intelligence, the Internet of Things and big data.
By Kim Bo-gyung/The Korea Herald (lisakim425@heraldcorp.com)
“Public institutions are responsible for creating an economy in which all members are well off,” said Park Myoung-sik, CEO of LX Corp.
“LX will continually make efforts to put together more opportunities to support SMEs, entrepreneurs and talents.”
The state-run company plans to boost the current loan fund of 2 billion won to 20 billion won by 2021.
SMEs can access loans at a low interest rate of about zero to 3 percent, as LX and the state-owned Industrial Bank of Korea will cover for a combined 3.45 percent interest, the company said.
Out of the annual 2.3 percent interest rate LX has to cover, 0.2 percent will be used to support talented individuals in North Jeolla Province.
IBK will also cover for 1.35 percent interest, the company said.
Interest rate charged on SMEs differ by the enterprise.
Through a “fourth industrial revolution”-related research contest held for universities in North Jeolla Province, LX plans to expand research and development with academia.
Participants will pitch a research topic of their choice to examine across such fields as artificial intelligence, the Internet of Things and big data.
By Kim Bo-gyung/The Korea Herald (lisakim425@heraldcorp.com)
