Supporting Startups... Changwon City Provides Youth Startup Allowance

200 People Aged 19 to 39 Receive 300,000 KRW Monthly for 9 Months

Changwon City Hall, Gyeongnam.

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Seryeong] Changwon City, Gyeongnam, will announce the '2022 Youth Startup Allowance Recruitment Notice' on the 20th to increase the survival rate of young entrepreneurs.

The number of recipients for the youth startup allowance has increased by 50 from last year to 200, and applications will be accepted on the Changwon City website from February 3 to 18.

Eligibility requires being a Korean national aged between 19 and 39, registered as a resident in Changwon City as of the announcement date, and having a business location there, born between January 1, 1982, and December 31, 2002.

Applicants must have started their business for more than 3 months but less than 3 years, with annual sales under 100 million KRW, and must meet all requirements to apply.

If selected, recipients can receive a total of 2.7 million KRW over 9 months, with 300,000 KRW per month, which can be used for startup-related activities such as education fees, promotion costs, transportation, and meals.

Expenses unrelated to startup activities, such as luxury goods, entertainment, and leisure costs, are excluded. Recipients are required to primarily use a check card assigned with startup allowance points each month and request approval from the city for expenses, which will be reimbursed the following month after verification.

Those with other jobs, those delinquent on national or local taxes, previous recipients of the youth startup allowance, and startups with 5 or more employees as of the previous month are not eligible.

Applications and submission of required documents are only possible online via the Changwon City website. For more details, check the announcement section in the city news on the website or contact the Changwon City New Growth Industry Division for guidance.