State-run Korea Land and Geospatial Informatix Corporation will seek to bolster mutual development with small and midsize firms and expand support for promising individuals by forming a 20 billion won ($18.3 million) fund within three years, the company said Wednesday.

“Public institutions are responsible for creating an economy in which all members are well off,” said Park Myoung-sik, CEO of LX Corp.

“LX will continually make efforts to put together more opportunities to support SMEs, entrepreneurs and talents.”

The state-run company plans to boost the current 2 billion won loan fund to 20 billion won by 2021.

SMEs can access loans for a low interest rate of about zero to 3 percent, as LX and state-owned Industrial Bank of Korea will cover for a combined 3.45 percent interest, the company said.

Out of the annual 2.3 percent interest rate LX has to cover, 0.2 percent will be used to support talented individuals in North Jeolla Province.

IBK will also cover for 1.35 percent interest, the company said.

Interest rate charged on SMEs differ by each enterprise.

Through a fourth industrial revolution-related research contest held for universities in North Jeolla Province, LX plans to expand research and development with academia.

Participants will pitch a research topic of their choice to examine across the fields of artificial intelligence, ICMS, IoT, cloud, big data, mobile and security. 

By Kim Bo-gyung (lisakim425@heraldcorp.com)