Daejeon City Provides Up to 3 Million KRW Startup Activity Funds for Young Entrepreneurs

[Asia Economy (Daejeon) Reporter Jeong Il-woong] Daejeon City announced on the 22nd that it will implement the ‘Youth Startup Support Card Project,’ which provides up to 3 million KRW in startup activity funds to local young entrepreneurs.

The support is provided in installments of 500,000 KRW per month for six months, up to a maximum of 3 million KRW, which can be used as indirect costs necessary for startup activities such as marketing and product promotion expenses, consultation fees, and transportation costs.

First introduced in 2018 based on proposals from local youth, this project will allow overseas payments starting this year to support social media (SNS) promotion, one of the main marketing methods used by young entrepreneurs. This regulatory relaxation measure aims to provide practical assistance to the beneficiary young entrepreneurs.

Applicants must be young entrepreneurs aged between 18 and 39 years old, currently residing in Daejeon, who have started a business within the last three years in Daejeon and operate a company with annual sales of 300 million KRW or less.

However, those currently subject to restrictions due to default on debts from financial institutions or those with overdue national or local taxes are excluded from support.

Additionally, individuals who are under sanctions such as participation restrictions in government support projects, those who have participated or are participating in Daejeon City’s ‘Youth Hope Account Project,’ or those who have already participated in the Youth Startup Support Card Project are also ineligible for support.

Youth wishing to apply must submit their application through the Youth Startup Support Card website and submit related documents via the Daejeon Economic and Trade Promotion Agency’s ‘Daejeon Biz’ website.

In particular, companies affected by the COVID-19 pandemic will receive additional points if they submit relevant supporting documents (with official seals).

The city plans to conduct a two-stage review and announce the final list of support recipients on the 15th of next month.

Kim Ga-hwan, head of the Youth Policy Division of the city, said, “We hope the Youth Startup Support Card Project will be a much-needed relief for early-stage entrepreneurs struggling with business management.”

This content was produced with the assistance of AI translation services.