Gwangju Buk-gu Supports Business Development Expenses for 9 Social Economy Enterprises

[Asia Economy Honam Reporting Headquarters Reporter Kim Yukbong] Buk-gu, Gwangju Metropolitan City (Mayor Moon In) announced on the 6th that nine social economy enterprises in the district were selected as recipients in the ‘2020 Social Economy Enterprise Business Development Fund Support Project’ conducted by Gwangju City, securing approximately 360 million KRW in project funds.

This project was established to support the continuous growth of social economy enterprises by providing business development funds for brand and technology development, prototype and website production, promotion and marketing, education and training expenses, among others.

Accordingly, Buk-gu signed support agreements with the relevant social economy enterprises and will provide business development funds up to 100 million KRW for certified social enterprises and up to 50 million KRW for preliminary social enterprises and cooperatives until December.

In particular, unlike the previous method of disbursing support funds twice a year at 50% each time, this year, considering the difficulties faced by enterprises such as a sharp decline in sales due to COVID-19, support will be provided up to 90% in a single installment.

Furthermore, to ensure that the business development fund support leads to concrete business outcomes, education on business guidelines and subsidy management methods will be conducted, along with administrative support such as financial support project guidance and consulting, aiming to enhance the efficiency of the project.

Mayor Moon In of Buk-gu said, “We hope that this business development fund support project will lead to strengthening the self-reliance foundation of social economy enterprises and serve as a stepping stone for revitalizing the local economy,” and added, “We will continue to prepare multifaceted support measures so that social economy enterprises can provide stable jobs and social services.”

Meanwhile, Buk-gu is striving to promote the growth of social economy enterprises and the activation of local job creation through various financial support projects such as ▲job creation and professional manpower support for social enterprises ▲social insurance premium support ▲village enterprise fostering support.

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