The government will spend more than ten trillion won, or about eight-point-seven billion dollars, to vitalize startup businesses over the next three years.
In an economic ministerial meeting on Wednesday, Finance Minister Yoo Il-ho introduced the plan.
Around two trillion won of the fund will go to helping aspiring entrepreneurs start their own businesses and seven-point-four trillion to supporting their growth. The remaining 700 billion won will be used to give failed startups a second chance.
Yoo said that special guarantee and credit loan programs worth 800 billion won will be devised to support would-be businesspeople.