[2022 Budget] "Let's Nurture Promising Small Business Owners"... Up to 100 Million KRW Support

30 Teams Selected Through Audition... Support for Advancement Funds
Pre-Training Program Conducted for Vulnerable Youth Before Overseas Museum Internships

On the 27th, when the Bank of Korea raised the base interest rate by 0.25% to 0.75% per annum, increasing the burden on self-employed individuals struggling with debt due to the direct impact of the COVID-19 crisis, an electricity bill payment notice was posted on a closed store in Myeongdong, Jung-gu, Seoul. Photo by Jinhyung Kang aymsdream@

[Asia Economy Reporter Jang Sehee] The government will select outstanding small business owners and provide up to 100 million KRW in support. The aim is to strengthen the competitiveness of small business owners through collaboration between small business owners with creative ideas and startups.

On the 31st, the Ministry of Economy and Finance announced the '2022 Budget Plan for Unique Projects' containing these details. The government stated that it will select strong small business owners through auditions and provide up to 100 million KRW in new advanced funding that can be used for prototype production, branding, and more.

First, 100 projects with commercially viable ideas will be selected through auditions. Among these, 30 teams will be carefully chosen to receive 50 million KRW in advanced funding. However, 30% of this amount must be self-funded.

Through a final demonstration and online voting, the 30 teams will be ranked as top, middle, and lower tiers. The top 10 teams will receive an additional 50 million KRW, and the excellent 10 teams will receive 20 million KRW.

An official from the Ministry of Economy and Finance said, "We will foster competitive small business owners by supporting cooperation, convergence, and commercialization between small business owners and creators and startups with innovative capabilities."

Support for Youth Overseas Think Tanks and Museums Dispatch... New Pre-Education Program Established

An educational program targeting low-income and vulnerable groups to resolve COVID-19 polarization will also be created.

The government plans to expand educational opportunities for low-income and vulnerable groups by establishing a pre-education program for overseas think tank and museum internship dispatch projects, such as at the Smithsonian Museum in the United States.

Eligible participants are Korean nationals who are university undergraduates or graduates and are recipients of the Basic Livelihood Security Program or their children. Additionally, the program includes lower-income and near-lower-income groups.

Practical language education focused on international exchange will be provided. Youth can take courses centered on writing English papers and speaking skills.

Furthermore, an advanced program on specialized knowledge and experience related to international exchange activities will be conducted. Prominent figures on the international stage will participate in a 1:1 mentorship program. Outstanding graduates will have opportunities to visit and experience related institutions such as major think tanks, museums, and universities abroad.

An official from the Ministry of Economy and Finance stated, "By actively supporting youth facing social and economic difficulties, we plan to maximize their overseas advancement."

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