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N. Jeolla Prov. raised KRW 30 bln biz-boost funds

According to Yonhap News,

North Jeolla Province said the local authorities have raised funds, equivalent, in value, to KRW 30 billion, designed to help locally based businesses involved in materials-parts and equipment. The provincial government raised money through venture capital financing, sourced by VINATech and L&S VC firms, in addition to fund of funds (FOF) an investment vehicle where the fund invests in a government-led portfolio composed of shares of other funds (particularly sourced from 13 separate government bodies) to spur growth in materials-parts and equipment business.

The community business boost fund provides grant funding and matching equity investment for those technologically capable but desperately in need of financial assistance.

An official said “By pooling funds, we’re able to offer and extend stable funding for businesses in materials-parts and equipment industry across the provincial communities. We’ll provide all forms of support to foster the industries, forming cross-sector partnership with relevant agencies.”

Source Text

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Source: Yonhap News (Mar 10, 2021)

** This article was translated from Korean.