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UCCEI & Kyongnam Bank signed an investment MOU for early stage startups
Ulsan Center for Creative Economy & Innovation (UCCEI) announced a signing of MOU on May 29 with Kyongnam Bank Ulsan office to find and foster early stage startups, while facilitating investment to help boost local economy. Under the shared goals for the MOU, both agreed to provide a comprehensive range of services that cover incubating, funding and follow up measures for businesses in early stage.
With excellent industrial and technology base that the city has, a rising number of people are interested in opening tech startups nowadays. But the city still lacks investment resources to promote entrepreneurship.
To cope with the challenge, UCCEI partnered with BNK Kyongnam Bank, Unist and KVIC to form a KRW 4 billion worth of fund, entitled ‘BNK U-Star investment association’. Kyongnam Bank approved KRW 600 million financing for helping early stage startup in hopes of developing local economy and communities.
They’ll spare no effort to offer financial leverage such as loan services for those funded so as to help them well secure follow-on investments. The fund is believed to develop an entrepreneurial culture, creating a cycle where the re-investment of capital earned through the initial funding.
young@yna.co.kr
** This article was translated from Korean.
Date
2020.06.11
Views
492
According to Yonhap News,
Ulsan Center for Creative Economy & Innovation (UCCEI) announced a signing of MOU on May 29 with Kyongnam Bank Ulsan office to find and foster early stage startups, while facilitating investment to help boost local economy. Under the shared goals for the MOU, both agreed to provide a comprehensive range of services that cover incubating, funding and follow up measures for businesses in early stage.
With excellent industrial and technology base that the city has, a rising number of people are interested in opening tech startups nowadays. But the city still lacks investment resources to promote entrepreneurship.
To cope with the challenge, UCCEI partnered with BNK Kyongnam Bank, Unist and KVIC to form a KRW 4 billion worth of fund, entitled ‘BNK U-Star investment association’. Kyongnam Bank approved KRW 600 million financing for helping early stage startup in hopes of developing local economy and communities.
They’ll spare no effort to offer financial leverage such as loan services for those funded so as to help them well secure follow-on investments. The fund is believed to develop an entrepreneurial culture, creating a cycle where the re-investment of capital earned through the initial funding.
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young@yna.co.kr
Source: Yonhap News (May 29 , 2020)
** This article was translated from Korean.