Jungjinkong, 210 Billion Won Youth-Exclusive Startup Fund... Expanded by 50 Billion Won

Policy Fund Support for Entrepreneurs Under 39 and Youth Startup Companies... Creating a Startup Ecosystem
New Youth Startup Center to Open in Sejong This Year

[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups (Minister Kwon Chil-seung) and the Small and Medium Business Corporation (Chairman Kim Hak-do, hereinafter referred to as SBC) announced on the 14th that they will provide 210 billion KRW in youth-exclusive startup funds to young startup companies with excellent technology and ideas.

The target is (pre-)startup companies with less than three years of business experience, possessing technological feasibility and business viability, and whose representatives are under 39 years old. Considering the situation of early-stage companies lacking collateral, SBC selects supported companies through a review committee evaluation focusing on items and business plans without reflecting corporate credit ratings and financial status. The loan limit is up to 200 million KRW for manufacturing and regional leading industry companies, and up to 100 million KRW for other companies, supported at a fixed interest rate of 2.0% per annum.

SBC supports the sustainable growth of young startup companies by linking funds, mentoring, market access support, and ESG (environment, social, governance) self-assessment through 19 youth startup centers nationwide. In particular, this year, a new Sejong Youth Startup Center will be opened. Sejong City is the only place nationwide, excluding the metropolitan area, where the youth population is increasing, and it is expected to improve policy accessibility and convenience for youth startup companies located in the region.

Chairman Kim Hak-do said, "Last year, including an additional budget of 50 billion KRW, SBC supported 210 billion KRW to 2,123 companies, creating 1,638 new jobs," and added, "This year, the main budget for youth-exclusive startup funds has been expanded by 50 billion KRW to 210 billion KRW compared to last year, and we plan to foster the startup ecosystem."

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