SC Jeil Bank "Supporting Youth Social Ventures Affected by COVID-19"

Call for Participating Companies in the Youth First Project Supporting Social Venture Growth

[Asia Economy Reporter Kim Min-young] SC First Bank announced on the 17th that it will recruit young social ventures wishing to participate in the 'Youth First Project' to support social ventures struggling due to the impact of the novel coronavirus infection (COVID-19) through the Social Solidarity Bank until the 16th of next month.

This project follows SC First Bank's designated donation agreement signed on the 21st of last month with the Seoul Community Chest of Korea and the Social Solidarity Bank to support overcoming COVID-19 damage and growth, utilizing funds supported by SC Group's overseas headquarters. Social ventures are organizations that generate profits through business models aimed at solving various social problems while pursuing social and economic values together, encompassing social enterprises, cooperatives, self-support enterprises, and village enterprises.

The target participants of the Youth First Project are social ventures experiencing management difficulties due to a sharp decline in sales caused by COVID-19 or contributing to resolving the COVID-19 crisis through businesses such as public medical and health services. However, the representative must be a youth aged 39 or younger (as of the 17th). Interested companies can apply through the SC First Bank Youth First Project online application page by the 16th of next month.

SC First Bank and the Social Solidarity Bank will select a total of 12 young social ventures to participate in the Youth First Project and announce the final results on August 17. Social ventures participating in the project will be assigned goals to achieve social value and will receive up to 30 million KRW in management funds free of charge for one year. Support for market development and promotion using online platforms will also be provided. Additionally, SC First Bank employees will provide pro bono volunteer activities, including financial, accounting, and IT consulting, to these companies.

Choi Ki-hoon, Head of Marketing and Communications at SC First Bank, said, “We will provide multifaceted support, including management funds, so that young social ventures leading the future can overcome the COVID-19 crisis and become sustainable. We aim to join them in solving social problems and contribute to creating social value.”

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