Hwaseong City Partners with Kona I to Promote Scholarship Program for Small Business Owners

Scholarships Provided to 500 College Students of Small Business Owners Over 5 Years
Scholarships Given in Local Currency → Expected Economic Virtuous Cycle

Hwaseong City in Gyeonggi Province will launch a scholarship program for children of local small business owners starting next year.

On the 28th, Hwaseong City and the Hwaseong Talent Development Foundation announced on the 29th that they signed a business agreement with Kona I Co., Ltd., the local currency operation agency, at the Dongtan branch office of Hwaseong City Hall to promote the 'Kona I Small Business Owner Scholarship Project.'

At the Small Business Scholarship Project Agreement held on the 28th at Hwaseong City Hall Dongtan Branch Office, Byeon Dong-hoon (from the left), Vice President of Kona I, Jeong Myeong-geun, Mayor of Hwaseong, and Lim Seon-il, CEO of Hwaseong Talent Development Foundation, pledged to expand support for small business owners. Provided by Hwaseong City

Through this business agreement, the Hwaseong Talent Development Foundation will establish a scholarship fund using social contribution resources raised by Kona I, providing living scholarships to 100 university students who are children of small business owners each year for five years, totaling 500 recipients. Kona I’s social contribution resources are funds created to give back part of the sales generated from operating local currency under an agreement between Gyeonggi Province and Kona I. To this end, Kona I has committed to donating about 500 million KRW in scholarship funds, contributing 100 million KRW annually from next year through 2029.

The scholarships will be paid in local currency. By providing benefits to small business owners, who are the foundation of local currency sales, through scholarship payments, and simultaneously increasing the use of local currency, the city expects a virtuous cycle effect that will stimulate consumption within the region and boost the local economy.

Jung Myung-geun, Mayor of Hwaseong City, said, "This agreement is meaningful as it can provide some support to small business owners struggling due to the prolonged economic downturn," adding, "We will do our best to revitalize local currency so that the warmth that brightens the local economy can be delivered to every neighborhood."

The city plans to announce detailed information about the 'Kona I Small Business Owner Scholarship Project' on the Hwaseong Talent Development Foundation website in January next year.