Lotte Group chairman Shin Dong-bin will offer 10 billion won ($9 million) from his personal fortune to set up an investment corporation designed to help young people start their own businesses, the company said Monday.

The firm tentatively named “Lotte Accelerator” will support early-stage companies by providing direct investment and helping them sell their products and services through Lotte’s distribution channels as well as offering business consulting.

“With Lotte Accelerator as the central project, the group will continue to invest and support youth start-ups,” Shin said in a press release.

Lotte said the investment firm hopes to raise a 100 billion won fund with an initial capital of 30 billion won ― with the other 20 billion won of initial investment coming from the group’s subsidiaries.

This is the chairman’s second announcement in October regarding a donation for public services with money from his own pocket.

On Oct. 24, Shin pledged to devote 10 billion won of his private fortune to establish the Lotte Culture Foundation to support classical music businesses and concerts.

The moves are seen as part of the group’s efforts to enhance its corporate reputation, which has been tainted by a family feud between the chairman and his elder brother Shin Dong-joo over the leadership of the retail giant.

The group said it expects to nurture more than 100 start-ups in various sectors such as retail, culture and tourism over the next three years.

By Park Han-na (hnpark@heraldcorp.com)