The state-run Korea Development Bank (KDB) said Thursday it has launched a 1 trillion won (US$902 million) aid program aimed at helping small firms and ventures in the country.

   Under the scheme, the bank will provide financing or loans to small businesses for one year, KDB said.

   KDB said the program will be run along with the existing 120 billion worth fund set up with large enterprises.

   Around 300 billion won will be provided to start-up companies with less than 3 billion won in sales, and the rest will be offered to venture or mid-sized firms that have potential for growth but lack capital, it said.

   Candidates for the aid program will most likely be those firms engaged in renewable energy or bio-related businesses, since the scheme was designed to help bolster the country's new growth engines, the bank added.

Source: Yonhap News (Sept. 15, 2011)