Businesses in Korea will soon find it easier to get bank loans,... thanks to a new credit rating system focusing on the firms' ideas and technology, rather than real estate.
During President Moon Jae-in's meeting with government officials and business leaders today,... they discussed ways to foster innovative growth in the finance sector.
And the president said..... businesses with strong potential will receive higher credit ratings,... and that the government will provide around 89 billion U.S. dollars in funding.... to small and midsized companies over the next three years.
The government will also make it easier for firms to get listed on the KOSDAQ,... through applying different standards that reflect their source technology and funding potential.
He expects 80 more innovative companies to be listed on the exchange within three years.
The president has also promised sufficient funding for the manufacturing and service sectors.