The Korean Federation of Community Credit Cooperatives (KFCC) has selected 30 start-ups to provide support. Photo courtesy of KFCC

More than 100 start-ups benefit over the past five years

The Korean Federation of Community Credit Cooperatives (KFCC) announced on Aug. 30 that the outfit had picked 30 start-ups to provide comprehensive support.

Throughout next June, the KFCC plans to channel a total of 1 billion won ($760,000) to provide consulting services as well as marketing support.

In addition, each of the beneficiaries can receive up to 50 million won, which would be used to chalk up a fast growth of their businesses in their respective areas.

This is not the first time for the KFCC to carry out such a program designed to help new entrepreneurs build up regional networks for successful growth.

Over the past five years, the Seoul-based outfit spent 4.3 billion won to buttress a total of 100 start-ups, and 2023 marks the sixth year of such an initiative.

“By supporting prominent start-ups, we hope to contribute to the regional efforts of finding out future growth potential,” a KFCC official said.

“Through differentiated tailor-made supports, we will put forth efforts to back the win-win solutions in the regional societies.”

As the country’s top apex organization, the KFCC currently represents around 1,300 financial cooperatives across Korea, with a customer base of up to 20 million people.

As of the end of last year, the entity’s total assets amounted to 284 trillion won ($220 billion). It doubled its total assets to 200 trillion won ($160 billion) in less than a decade between 2012 and 2020.