Seoul City to form W10b fund for green businesses
The Seoul Metropolitan Government plans to establish a 10 billion won ($8 million) fund this year to help smaller green businesses that have the technology but lack financial means.
The Dream First KU-DSC Green Fund was jointly created by DSC Investment, Korea University, Korea Venture Investment Corp, a private investment firm, and Seoul Business Agency, an agency for small and medium enterprises. It is managed by DSC Investment, a venture capital firm.
The city said in a press release that it will provide stable and long-term investment for green small- and medium-sized companies to boost their competitiveness and help create jobs.
The financial help will be given to firms in the four fields of light emitting diodes, renewable energy, green buildings and green cars.
Last year the city formed a 16 billion won fund to invest in green SME LED manufacturers and eco-friendly tire makers.
It is planning to provide green business investment worth more than 40 billion won from 2011 to 2014.