Financial Support for Vulnerable Youth 'Hetsalron Youth' Expanded by 100 Billion Won

The government is planning to expand the supply scale of the 'Hetsalron Youth' loan, which supports small financial loans for young people and university students, by 100 billion won.

Choi Sang-dae, Vice Minister of Strategy and Finance and Chairman of the Lottery Commission, visited the Korea Inclusive Finance Agency located in Jung-gu, Seoul on the 18th and held a meeting with officials from the inclusive finance sector to discuss this matter.

Vice Minister Choi was informed of concerns that the guarantee funds for the 'Hetsalron Youth' project, supported by the lottery fund, might be exhausted within this month. He decided to work with the Financial Services Commission and others to increase the loan limit of the small financial loan product for young people and university students, Hetsalron Youth, from the current 10 million won to 20 million won.

Accordingly, the Lottery Commission plans to revise the lottery fund operation plan within this month to expand the project funds contributed to the Korea Inclusive Finance Agency for the Hetsalron Youth project. Additionally, the support scale for the energy efficiency improvement project for low-income households, a follow-up measure of the emergency economic livelihood meeting held in February, will be expanded from the existing 31,000 households to 34,000 households.

Vice Minister Choi said, "It is important to establish a meticulous inclusive finance support system without blind spots for financially vulnerable people so that low-income individuals are not driven into the illegal loan market with high interest rates," and added, "I ask for the proactive role of the Korea Inclusive Finance Agency to achieve this."

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