Among Changwon City Youth Startup Allowance Recipients Last Year, Only 1 in 100 Entrepreneurs Closed Their Businesses

Survey Results on Youth Startup Allowance: 92% Say "It Helps with Startup Activities"

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Saeyan] Changwon City, Gyeongnam Province, announced that the Youth Startup Allowance has been a great help during these times when the living economy is facing a crisis due to the novel coronavirus infection (COVID-19).

Since 2019, the city has been supporting the Youth Startup Allowance to improve the survival rate in the early stages of startups and to assist continuous entrepreneurial activities.

The Youth Startup Allowance provides 300,000 KRW per person per month for 9 months.

This allowance can be spent on meal expenses, transportation costs, promotion expenses, and capacity building necessary for startup activities.

A total of 92% responded that they are satisfied in the Youth Startup Allowance survey results.

According to a satisfaction survey on the Youth Startup Allowance conducted by the city in December last year, a total of 92% of survey participants responded that it is a necessary policy that helps with startup activities.

When asked about the main usage, 60.3% answered meal expenses, followed by 22.4% for transportation costs.

Also, among the 100 people supported last year, only one closed their business, resulting in a survival rate of 99%.

The city plans to announce the 2021 Youth Startup Allowance support plan around the 25th.

Applicants must be entrepreneurs aged 19 to 39 as of the announcement date, residing in the city, with startups between 3 months and less than 3 years old, and annual sales under 100 million KRW.

Lee Sunhee, CEO of Bueno Company, said, "The meal expenses supported by the allowance were a great help in running the business," and added, "I hope that early-stage entrepreneurs will also benefit from the Youth Startup Allowance this year."