KIBO moves from funding SME deals to finding them, and the iM facility is mostly KIBO's risk

Start with the quotient hiding inside Hana Bank's arrangement. KIBO's 35.7 billion won of partnership guarantees there is struck "based on" 500 million won of guarantee-fee support ^[7]. Divide one by the other and the fee support is 1.40 percent of the guarantee volume, which is precisely two years at the 0.7 percentage point subsidy disclosed in the iM Bank agreement ^[15]. The headline facility is not a pool of money, then. It is the guarantee volume that a bank's fee cheque can carry for 24 months. Run the same arithmetic backwards on iM Bank and its 14.3 billion won implies roughly 200 million won of bank cash ^[16], about $144,000 at the exchange rate implied by the source's own dollar conversion ^[17].

The two structures are not the same animal. Hana put capital behind part of its deal, with 30 billion won of guarantees resting on a 15 billion won special contribution, so 65.7 billion won of total guarantee exposure is matched by 15.5 billion won of bank money, a little over four to one ^[18]. The iM tranche, as described, carries no special contribution, only the fee subsidy, which works out at around 71 won of guarantee for every won the bank spends ^[20].

What the platform actually produced is more instructive than either facility. APS Innovation, a maker of battery and display equipment, bought a 100 percent stake in Erae, the surviving entity after a merger, packaged with the business division of Erae Engineering, and used it to enter cosmetics filling and packaging automation ^[11][10]. One transaction of that size would absorb 58 percent of the entire iM facility ^[19]. These programmes are not sized for volume. They are sized for a handful of matched pairs per bank, which means the binding constraint is how many buyers KIBO can pair with sellers, not how much guarantee capacity it has issued.

That is consistent with how the agency describes its own sequence: deal sourcing and brokering first, then financing and guarantees, then succession and regional industry support ^[13]. On the APS deal KIBO's contribution was the match itself, passing registered acquisition demand to InterCapital Partners, which handled structuring, due diligence, negotiation of terms and signing ^[12]. A KIBO official said the agency will expand cooperation with private specialists and financial institutions to support M&A by technology-innovation companies ^[14].