Lifestyle Innovative Startup Financial Support (Loan) Program

Lifestyle Innovative Startup Financial Program is...

It is a program that provides lifestyle innovating startups the opportunity to receive financial support through loans so that they can easily further expand their business related to lifestyle with their great ideas. By supporting lifestyle innovating startups that have potential to become successful even though they do not have high-level technology, the program aims to prevent overcrowding in the part-time job business sector and to create new jobs.

  • Target

    Entrepreneurs or startups that are less than a year old which possess innovative ideas regarding daily lifestyle

  • How to Apply

    Apply online through Idea Toktok (http://idea.sbiz.or.kr) by November 2018 (application form might close early depending on the number of applications)

Provided Benefits

  • Financial Support

    Selected small businesses that are considered to be entrepreneurs that bring innovation to our daily lifestyle will be given a chance to get a loan of maximum 200 million Korean won for policy funds. If businesses experience unexpected failure, they will be exempt from the duty to pay back all the money.

    • Support Amount: Maximum 3,000 people, 45 billion Korean won
    • Loan Period/Interest Rate: Total 5 years (including 3 year loan term) / 2.5% fixed interest rate
    • Success/Failure Outcomes: (Success) Loan repayment and provide more support regarding additional loans for policy funds, given higher priority when given the chance to receive support for government-run programs such as R&D and marketing, (Unexpected Failure) Exempt from the responsibility to pay back, (Planned Failure) Required to pay everything back and prohibited from receiving part of the benefits provided by the program, such as limiting the amount of loan that the company is able to borrow and use for policy funds, for 3 years
  • Mentoring Sessions

    Provide ‘specialized mentoring sessions’ for small businesses that lack innovation or that do not have a specific, detailed business plan

Recommendations

10 additional points given to those that recommend related corporations or autonomous districts

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