Kwon Tae-hoon, head of KakaoBank's management strategy group, poses for a photo with Credit Recovery Commission Chair Kim Eun-kyung and Social Solidarity Bank Chairman Kim Yong-deok at a signing ceremony for 'Project Again, Spring' at the Credit Recovery Commission headquarters in Jung-gu, Seoul, on April 15. [Photo: KakaoBank]

KakaoBank said on Wednesday it signed a business agreement with the Social Solidarity Bank and the Credit Recovery Commission for 'Project Again, Spring' to support financially distressed youth seeking independence.

The agreement was 추진됐다 to support credit recovery and re-entry into the formal financial system for people aged 19 to 39 who have difficulty using financial services or are undergoing debt restructuring.

KakaoBank launched the project last year by contributing 1 billion won to the Social Solidarity Bank, and it will continue the cooperation this year.

Under the agreement, the Social Solidarity Bank will use donations to offer living-expense loans of up to 3 million won and high-interest debt refinancing loans of up to 5 million won at an annual interest rate of 1 percent. It will also provide financial diagnostics and financial education. The Credit Recovery Commission will identify eligible youth and connect them to the programme.

A KakaoBank official said the bank would expand support so young people facing financial crises can rebuild a foundation for independence, adding it would continue practising inclusive finance.

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#KakaoBank #Social Solidarity Bank #Credit Recovery Commission #Project Again #Spring
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