Cho PD, the mastermind behind Block B, has revealed that he once inquired about a loan for the first time in his life.
Cho PD said that he estimated the amount of money it would take to push the seven-member idol group and agency Brand New Stardom to the top; the figure made him think about putting in a loan application for the first time in his life.
He stated, “I’m not paying a monthly installment for my car, nor do I have any loans right now. However, I looked into how much money I could borrow by using our agency office as collateral, so that I would not have to receive help from outside sources.”
Cho PD’s investment in Brand New Stardom with Block B’s debut last year was said to be around 1.5 billion Won (~ $1,341,297 USD). Ten months later, it was estimated to have surpassed 2 billion Won (~$1,788,350).
The reason why Cho PD sought a loan rather than accept funds from outside investors lies in his belief in Block B’s talents. He wished to preserve their freedom, which would not have been guaranteed if outside investors had their say.
ChJo PD stated, “In pushing for concepts that haven’t been tried by others, and giving the members the authority over their music, there will be strong opposition by individuals in those positions [investors]. These things cannot be achieved when leadership has been dispersed… The trust in the members’ talents and abilities should be absolute.”
In related news, Block B has been making quite a splash with their recent comeback, and have already reached #1 on various music charts. The boys are promoting their title track, “Nanrina”, and you’ll be able to catch them later today on ‘Music Bank’.