Changwon City 'Youth Startup Allowance' Participants Praise... Expansion Planned for Next Year

Changwon City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Sang-hyun] Changwon City, Gyeongnam Province, conducted a satisfaction survey on the Youth Startup Allowance this year, and 94% responded that it is a "policy that helps startup activities."

This project provides support of 300,000 KRW per month for 9 months to young entrepreneurs aged 19 to 39 residing in the jurisdiction.

According to the city on the 22nd, in a satisfaction survey conducted with 150 participants of the youth startup support project, 69% of participants chose "very helpful," and 25% chose "helpful," showing a total of 94% positive responses.

This is analyzed to be because it greatly helped young people maintain their livelihood from preparing for startups to success. In fact, when asked about the use of the allowance, 38.2% of respondents selected "food expenses," accounting for the largest portion.

Despite the obstacle of the COVID-19 pandemic, the startup survival rate was over 90%, with 14 closures out of 150 applicants, which is a strong performance compared to the general survival rate of early-stage startups (less than 3 years of business experience) of 40% to 60%.

The number of selected recipients for the Youth Startup Allowance in 2022 was 200, which is 50 more than this year. The application qualifications are the same as this year.

Mayor Heo Seong-mu said, "The Youth Startup Allowance support project is fundamental to making a city where young people can start businesses easily," and added, "We will actively implement startup support policies while cheering on the new challenges of youth."

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