Genesis BBQ Partners with Hana Bank to Support Youth Entrepreneurship
[Asia Economy Reporter Choi Saeng-hye] Genesis BBQ announced on the 4th that it is partnering with Hana Bank to provide loan support for young entrepreneurs.
According to Genesis BBQ, BBQ, together with Hana Bank, will support initial startup funds for young people in their 20s and 30s who wish to open BBQ stores, aiming to overcome the socio-economic difficulties caused by the novel coronavirus infection (COVID-19) and to support those hoping to start small-capital businesses. They will provide loans of up to 50 million KRW per store, totaling 10 billion KRW, at an ultra-low interest rate of 1%.
The target applicants are prospective entrepreneurs in their 20s and 30s who want to open various BBQ stores, including the recently popular ‘BBQ Smart Kitchen’, ‘BBQ Olive Chicken’, and ‘BBQ Chicken & Beer’.
In particular, BSK is an untact-type store launched by BBQ in June targeting the post-COVID-19 era. It is a small-sized store specialized in delivery and takeout, where startup is possible with an investment of about 50 million KRW including the lease deposit. Those wishing to start a BSK store are expected to easily secure the entire initial investment by using the youth startup loan provided by BBQ and Hana Bank.
BSK offers a wide range of location options and has low initial investment and fixed cost burdens, making it a hot topic in the franchise industry after surpassing 100 contracts within two months since its launch at the end of June. It is known that about half of the current contractors are in their 20s and 30s.
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Yoon Hong-geun, Chairman of Genesis BBQ Group, said, “The biggest victims during difficult economic and social times can be the youth who are just taking their first steps into society. Although it is a small help, we want to support young people’s first start by providing a ladder to success so that the youth, who are the growth engine of our society, do not lose their dreams and hopes for the future.”
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