Youth Startup Funds? Changwon City Provides 2.7 Million Won Each!

30,000 KRW per month for 9 months for 200 people, prepaid with a check card and reimbursed afterward

Changwon City, Gyeongnam, will start providing the 2022 Youth Startup Allowance from March.

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Seryeong] Changwon City, Gyeongnam Province, will provide youth startup allowances in 2022 to reduce the financial burden of startup funds for young people and increase market survival rates.

The program targets young entrepreneurs aged 19 to 39 who are registered residents of Changwon City and have business establishments there.

The city reviewed 367 applicants who applied through the website from February 3 to 18, and after examining factors such as startup period and annual sales, finally selected 200 individuals.

Those with separate jobs, those who have unpaid national or local taxes, those already receiving youth startup allowances, and startups with five or more employees as of the previous month were excluded.

The selected 200 individuals will receive a total of 2.7 million KRW, paid as 300,000 KRW per month for nine months from March to November this year.

Entrepreneurs will first use a check card assigned with startup allowance points each month, and upon submitting a usage approval request to the city, the responsible staff will verify and reimburse legitimate expenses.

The card can be freely used for startup-related activities such as education expenses, promotional costs, transportation, and meals, but expenses unrelated to startups, such as luxury goods purchases or entertainment costs, are not covered.

Last year, the city enacted an ordinance to support technology startups and expanded and relocated the Startup Support Center to aid youth startups. This year, it plans to promote policies to foster technology startups, including startup accelerating programs, hosting startup tech shows, TIPS consulting support projects, and supporting participation in CES 2023 for overseas market entry.

Ryu Hyojong, Director of the Smart Innovation Industry Bureau, said, “We welcome the challenges of young people starting startups in Changwon,” and added, “We will continue to develop quality policies so that youth, who are future assets, do not become discouraged by the difficulties of early startups.”

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