Additional Recruitment of 191 People for the 'Rechallenge Success Package' for Failed Entrepreneurs

Additional 8.4 Billion KRW Supplementary Budget Allocated... Recruitment from 8th to 31st

[Asia Economy Reporter Kim Heeyoon] The Ministry of SMEs and Startups announced on the 8th that, with an additional 8.4 billion KRW allocated in the third supplementary budget of 2020, it will recruit additional (preliminary) re-entrepreneurs to participate in the 'Rechallenge Success Package' project supporting the successful comeback of failed entrepreneurs until the 31st.

The Rechallenge Success Package project is designed to provide comprehensive support?including failure cause analysis, re-entrepreneurship education, expert mentoring, office space, and commercialization funds?to preliminary re-entrepreneurs with a history of business closure or companies within three years of re-establishment. In the first round, 285 general-type participants were selected through six nationwide host organizations, agreements were completed, and support is currently underway.

This time, approximately 191 additional participants will be recruited for the general-type package project, and a separate track will be operated for (preliminary) re-entrepreneurs requiring debt adjustment, allowing simultaneous credit recovery and re-entrepreneurship.

No Yongseok, Director of Global Growth Policy at the Ministry of SMEs and Startups, stated, “The experience and capabilities of re-entrepreneurial business owners will shine even more in times of crisis,” adding, “We will do our best to support the successful comeback of re-entrepreneurs and establish a foundation for rechallenge through this supplementary budget.”

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