Gyeongbuk Province Establishes 5 Billion KRW Fund to Invest in Small Business Development

On April 27, Gyeongbuk Province announced that it has been selected for the Lycon Fund competition, which is funded by the Ministry of SMEs and Startups, and will establish a fund worth 5 billion KRW.

The Lycon Fund is a dedicated fund for small business owners, aiming to foster 'entrepreneurial-type small business owners' with high growth potential through innovative business models in the lifestyle and local sectors.

Gyeongbuk Provincial Government Building

This fund will be created with 3 billion KRW from the Ministry of SMEs and Startups' Mother Fund, 500 million KRW from Gyeongbuk Province, and 500 million KRW from Cheongdo County, among other contributions. Over the next three years, the fund plans to invest more than 2 billion KRW to nurture entrepreneurial-type small business owners within the province.

Investment targets include companies that have participated in and benefited from entrepreneurial-type small business owner development programs, companies led by individuals with such participation history, companies located in commercial revitalization zones under the Traditional Market Act or autonomous commercial districts under the Local Commercial District Act, and small business owners in the lifestyle and cultural sectors who create new added value through manufacturing-based or service innovation.

Gyeongbuk Province plans to foster local small business owners with growth potential into competitive entrepreneurial-type small business owners by combining investments not only from the Lycon Fund but also from innovative small business discovery projects such as the Gyeongbuk-type Icon Small Business Owner Development Project.

Meanwhile, the fund manager, MY Social Company (MYSC), is a leading domestic accelerator and a specialized company in fostering and investing in entrepreneurial-type small business owners, including being selected as an operator for the Ministry of SMEs and Startups' LIPS (Linkage Investment Program for Startups) matching loan project for innovative small business owners.

Choi Youngsook, Director of Economic and Trade Affairs at Gyeongbuk Province, stated, "Through collaboration with MYSC, the LIPS operator, we have attracted quality investment for small business owners in Gyeongbuk," and added, "We will spare no effort in providing the necessary support to help unlock the outstanding potential of Gyeongbuk's small business owners."