KakaoBank Launches Project Again, Spring to Help Youth in Financial Crisis

(From left) Kwon Tae-hoon, head of KakaoBank’s Management Strategy Group; Kim Eun-kyung, chair of the Credit Recovery Committee; and Kim Yong-deok, chairman of the Social Solidarity Bank. [Photo provided by KakaoBank]

KakaoBank said April 16 it has signed a memorandum of understanding with Together Making a World (Social Solidarity Bank) and the Credit Recovery Committee to run “Project Again, Spring,” a program aimed at helping young people in financial crisis become self-reliant.

The program targets people ages 19 to 39 who have difficulty using financial services or are undergoing debt restructuring, helping them rebuild credit and re-enter the formal financial system. KakaoBank first launched the project last year by donating 1 billion won to the Social Solidarity Bank to create a fund to support youth in financial distress.

Under this year’s agreement, the Social Solidarity Bank will use KakaoBank’s donation to offer ultra-low-interest loans at an annual rate of 1%: living-expense loans of up to 3 million won and refinancing loans for high-interest debt of up to 5 million won. It will also provide financial checkups and financial education. The Credit Recovery Committee will identify and connect young people who need support.

A KakaoBank official said the bank wants to help young people facing economic hardship “find hope again and stand on their own,” adding it will continue to pursue inclusive finance for vulnerable groups.

* This article has been translated by AI.

Lee Seongjin leesj@ajunews.com

KakaoBank Launches 'Project Again, Spring' to Help Youth in Financial Crisis