SC Jeil Bank Provides Operating Funds to 12 Social Ventures Affected by COVID-19

On the 1st, at the Alpharound Education Center in Jongno-gu, Seoul, Choi Ki-hoon, Head of Marketing and Communications at SC First Bank (left), and Kim Yong-duk, CEO and Executive Director of the Social Solidarity Bank, held a signing ceremony via a video conferencing system with the representatives of 12 social ventures finally selected for the "Youth First Project." Photo by SC First Bank

[Asia Economy Reporter Kim Min-young] SC First Bank announced on the 2nd that it has finalized the selection of 12 companies for the ‘Youth First Project’ to support the growth of social ventures and signed agreements with them.

The signing ceremony was held non-face-to-face on the 1st through an online video conferencing system.

Since June, SC First Bank has been recruiting young social ventures that have been affected by or contributed to resolving the COVID-19 pandemic. Among about 120 companies, 12 companies including Pitch Market, Gongyureulwihan Changjo, Delivery Lab, Maninui Kkum, and Mide were selected based on evaluation criteria such as social value, support feasibility, financial value, and entrepreneurial capability.

Each company will receive up to 30 million KRW in business stabilization funds supported by the parent company, Standard Chartered Group (SC Group), and will also be supported in developing sales channels and promotion using online platforms. SC First Bank employees will also provide pro bono consulting in finance, financial services, and IT fields to these companies.

Choi Ki-hoon, Head of Marketing and Communications at SC First Bank, said, “We selected young social ventures that pursue social value as ‘First’ and are united by a spirit of challenge. We hope that the young entrepreneurs’ strengths, such as youthful energy and flexible thinking, will lead change and greatly help solve the challenges they face.”

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