Jungjingong to Support 300 Billion KRW for Youth Startup Revitalization

Up to 100 Million KRW per Company, Supported at a Fixed Interest Rate of 2.5% per Year
Manufacturing, Innovation Growth, Regional Key Industries, and Root Industries Supported up to 200 Million KRW

The Small and Medium Business Corporation announced on the 15th that it will increase the youth-exclusive startup fund by 50 billion KRW from the previous year to support 300 billion KRW this year to promote startups by young people with excellent ideas.

The youth-exclusive startup fund is a policy fund supplied at long-term and low-interest rates for young startup companies that have technological and business potential but lack collateral. The support target is young startup companies whose representatives are under 39 years old. Instead of the company's credit rating and financial status, selection is made through an evaluation committee focusing on the startup item and business plan.

Small and Medium Business Corporation

The funding limit is up to 100 million KRW per company, with a fixed interest rate of 2.5% per annum. However, companies operating in key support sectors such as manufacturing, innovative growth fields, regional leading industries, and root industries can receive up to 200 million KRW.

The Small and Medium Business Corporation's youth-exclusive startup fund has been supporting since 2012 and has supported a total of 19,737 companies until last year. In particular, during last year alone, it supported 2,316 youth startup companies with 250 billion KRW and created 2,605 new jobs.

Kang Seok-jin, Director of the Small and Medium Business Corporation, said, "The domestic and international economic conditions are challenging due to the ongoing complex crises such as high interest rates and global economic slowdown," adding, "We will actively support young entrepreneurs so that they can become the main players leading the national economy."