Gyeonggi-do Launches Early Support for Startups Amid COVID-19 Downturn

[Asia Economy (Uijeongbu) = Reporter Lee Young-gyu] Gyeonggi Province will provide early support for part of the commercialization funds to help revitalize startup activities that have been subdued due to the 'Novel Coronavirus Infection' (COVID-19) crisis.

On the 22nd, Gyeonggi Province announced that it has decided to provide early support of 1.86 billion KRW, which is 60% of the 3.1 billion KRW commercialization funds supporting item development, prototype production, and marketing for companies selected in this year's startup support project.

The province decided on early funding support considering the financial difficulties faced by startup companies due to COVID-19.

Regarding the payment method, instead of the previous process where funds were paid after submitting supporting documents following prototype production and reviewing their appropriateness, companies can now submit business plans and other documents for review to receive 60% of the support funds in advance. The remaining 40% will be settled afterward as before.

The early support targets include a total of 93 companies across four fields: 20 technology transfer startups, 30 companies in the Gyeonggi technology startup support program, 20 companies in private investment-linked technology startup support, and 8 companies in regional university specialized industry-linked startups.

For more details regarding early support of startup funds, please contact the Startup Policy Team of the Gyeonggi Province Startup Support Division at 031-8030-4263.

An official from the province emphasized, "With the prolonged COVID-19 situation, many startups are facing setbacks due to financial difficulties. We will support active startups through prompt and transparent funding."

This content was produced with the assistance of AI translation services.