Renault Samsung to create fund for SMEs to conduct research

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Renault Samsung to create fund for SMEs to conduct research

Renault Samsung Motors, the Korean unit of French automaker Renault, said yesterday that it is forming a 10 billion won ($9.85 million) fund with Small and Medium Business Administration (SMBA) to help SMEs in the auto industry.

The automaker and SMBA will provide 5 billion won each for the fund to help SMEs develop technology. The supported companies can borrow 1 billion won for up to three years without paying any interest, and can sign a sales contract with RSM once it has succeeded in creating useful technology.

RSM will be the first automaker to participate in a private-public cooperation fund to help SMEs. So far, about 42 companies are participating in the shared-growth model and have amassed 594 billion won in total funding.

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