The Korea Technology Finance Corporation (KIBO), a state-run institution, is expanding support for mergers and acquisitions among Korean small and medium-sized enterprises beyond funding to include deal sourcing, brokering, guarantees and business succession. This year, KIBO signed M&A financing agreements with Woori Bank, Kyongnam Bank, Hana Bank and Busan Bank, followed on the 10th of this month by an agreement with iM Bank focused on succession and technological innovation. Under the iM Bank arrangement, KIBO will provide 14.3 billion won ($10.3 million) in partnership guarantees, while iM Bank will subsidize guarantee fees by 0.7 percentage points for two years. Hana Bank will provide a 15 billion won special contribution supporting 30 billion won in special-contribution partnership guarantees, plus 35.7 billion won in additional partnership guarantees backed by 500 million won in guarantee-fee support. The programs can raise the guarantee ratio to as much as 100% and reduce costs for acquiring companies that meet KIBO's technology guarantee requirements. KIBO is also working with the city of Busan, Busan Bank, the Busan Chamber of Commerce and Industry and the Busan regional office of the Ministry of SMEs and Startups to support regional business succession. Separately, its public-private M&A platform connected APS Innovation with InterCapital Partners, helping complete a 24.5 billion won acquisition involving Erae and the business division of Erae Engineering. The transaction is intended to help APS Innovation enter cosmetics automation equipment and build a new growth engine by combining its battery and display equipment technology with cosmetics filling and packaging automation technology. KIBO said it plans to deepen cooperation with private specialists and financial institutions to support M&A by technology-innovation companies.