Yeungnam University signs MOU with 4 major financial institutes, launches 'Youth Hope Net'
Business Startup education and incubating provided by university, And Business Startup financial support provided by financial institutes
Kim, Seok-dong, chairman of the Financial Services Commission meets YU students to hear their thoughts
[March 20, 2012]

 "Today, the world can be changed with just one computer in a garage. The nation and society should provide support so that if people have a good idea and technology in today's intelligence-based society, they can startup a venture without worrying about funding and be successful. I hope that the 'Youth Hope Net' that is being launched today at Yeungnam University will spread to the entire nation and even to the world so that they can startup their own business without being too afraid of failure."

 
 Yeungnam University-4 Major Financial Institute MOU Signing Ceremony (from left: Lee, Jong-hwi, chairman of the Credit Counseling and Recovery Service, Chang, Young-chul, CEO of the Korea Asset Management Corporation, Lee, Hyo-soo, president of Yeungnam University, Kim, Seok-dong, chairman of the Financial Services Commission, Lee, Seok-bae, executive director of the Korean Federation of Credit Guarantee Foundations, Kim, Seok-dong, director of the Smile Microcredit Bank Daegu-Junggu Branch)

 At 12:30 on the 12th, an MOU signing ceremony was signed at the 3rd floor conference room of the YU Main Administration Building. This MOU was among Yeungnam University (president Lee, Hyo-soo), Korea Asset Management Corporation (CEO Chang, Young-chul), Smile Microcredit Bank (chairman Kim, Seung-yu), Credit Counseling and Recovery Service (chairman Lee, Jong-hwi), and Korean Federation of Credit Guarantee Foundations (chairman Yim, Chung-sik). Here, Lee, Hyo-soo, president of YU expressed his hopes for the growth of the 'Youth Hope Net', while emphasizing the need for financial policies that can give hope to youths to overcome the crisis of youth unemployment and credit delinquencies.

 Kim, Seok-dong, chairman of the Financial Services Commission(FSC), stated, "Resolving the issue of youth unemployment and positive action for businesses startup will be the key to decide our future." He added, "With today's MOU, YU students will be provided with emergency funds and business startup funding. Starting with this, the FSC will concentrate on expanding the financial support network to give hope to youths across the nation." He further added, "This is the first time we are making an official announcement, but banks are planning to come up with 500 billion won in youth business startup funds for the next 3 years and offer funds of 100 million won initially and up to 300 million won if they have a good business idea. Also, the interest rates will be set at minimum rates to lessen the burden of failure and help promote startup ventures by youths."

 With this MOU, Yeungnam University will step up its business startup education and incubating for enrolled students through the Business Startup Club and the Business Startup Incubating Center, while also taking charge of financial support guides and finding new beneficiaries. KAMCO agreed to provide financial support such as Change Dream Loans, Emergency Life Stabilization Funds, etc, as well as employment and credit management education. The Smile Microcredit Bank will be in charge of specialized loan support for youths businesses startup, the Credit Counseling and Recovery Service will be in charge of debt rescheduling and supporting credit management education, while the Korean Federation of Credit Guarantee Foundations will offer guarantees for promoting loans to university students hoping to start up their own business.

 Meanwhile, Chairman Kim of the FSC sat down with over 20 Yeungnam University students to listen to the voice of customer so that he may come up with measures so that financial benefits will actually go to the students. Kim began a 'People's Finance 2 Day Tour' from the 19th, traveling across five cities including Daegu and Gwangju to check and inspect the support measures given to the common people's finances.

 
 Kim, Seok-dong, chairman of the FSC (far right), is meeting with YU students to listen to what they have to say.