KakaoBank and Credit Recovery Committee Launch Support Program for Young People Facing Financial Crisis

KakaoBank has officially launched a program to support credit recovery and the resurgence of young people who are experiencing a financial crisis.

KakaoBank's Kwon Taehoon, Head of the Management Strategy Group (left), participated in the 'Project Again, Spring' business agreement ceremony held on the 15th at the headquarters of the Credit Counseling & Recovery Service in Jung-gu, Seoul, and took a commemorative photo with Kim Eunkyung, Chairperson of the Credit Counseling & Recovery Service (center), and Kim Yongduk, Chairman of the Social Solidarity Bank (right).

On April 16, KakaoBank announced that it had signed a memorandum of understanding (MOU) with Together Foundation (KakaoBank Together Society) and the Credit Recovery Committee to promote the "Project Again, Spring." The agreement ceremony took place on April 15 at the headquarters of the Credit Recovery Committee in Jung-gu, Seoul, and was attended by Kwon Taehoon, Head of the Management Strategy Group at KakaoBank, Kim Yongdeok, Chairman of the Social Solidarity Bank, and Kim Eunkyung, Chairwoman of the Credit Recovery Committee.

"Project Again, Spring" is a program that supports credit recovery and the reintegration of young people into institutional finance, targeting individuals between the ages of 19 and 39 who have difficulty accessing financial services or are currently undergoing debt restructuring. Last year, KakaoBank launched the initiative by donating 1 billion won to the Social Solidarity Bank.

This year, the scale and methods of support have been further specified. The Social Solidarity Bank will provide living expense loans (up to 3 million won) and high-interest refinancing loans (up to 5 million won) at an ultra-low annual interest rate of around 1%, utilizing the donated funds. In addition, the bank plans to offer financial status assessments and financial education to help lay the groundwork for real self-reliance. The Credit Recovery Committee will be responsible for identifying eligible youth and connecting them to the program.

Applications for support can be submitted starting April 16 via the Social Solidarity Bank's website. A KakaoBank spokesperson stated, "We aim to help young people in difficult economic situations regain hope and become self-reliant," adding, "We will continue to expand inclusive finance for financially vulnerable groups in the future."

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