Jungjingong Expands Policy Funds by 40 Billion Won for Youth Startup Companies
250 Billion KRW Youth-Exclusive Startup Fund in 2023
Activation of Youth Entrepreneurship
The Small and Medium Business Corporation (Chairman Kim Hak-do, hereinafter referred to as SBC) announced on the 5th that it will expand support for youth-exclusive startup funds by 40 billion KRW compared to the previous year to promote entrepreneurship among young people with excellent ideas.
The youth-exclusive startup fund is aimed at young startup companies that have technological and business potential but lack collateral. SBC selects supported companies through a separate evaluation committee focusing on startup items and business plans without reflecting the company's credit rating and financial status.
The support target is youth startup companies whose representatives are under 39 years old, and the interest rate is a fixed 2.5% per annum. The support limit is up to 100 million KRW per company, and up to 200 million KRW for manufacturing and regionally specialized (key) industries. In addition, through 19 youth startup centers nationwide, support is provided not only for funds but also for mentoring, investment, and sales channels.
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Last year, SBC supported 2,108 youth startup companies with 210 billion KRW and created 1,889 new jobs as of the end of December. The youth-exclusive startup fund has supported a cumulative total of 17,421 companies since it began in 2012. Kim Hak-do, Chairman of SBC, said, "Startups are facing particularly difficult situations due to reduced investment scale," adding, "We will actively support the bold entrepreneurial spirit of youth and the creation of a startup ecosystem by expanding the budget for youth-exclusive startup funds."
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