Gangbuk-gu, 2021 Village Enterprise Selection Contest... Up to 50 Million KRW Support

Applications accepted from 23rd to 27th... Corporations with investment from 5 or more residents and at least 70% local resident ratio eligible to apply

[Asia Economy Reporter Park Jong-il] Gangbuk-gu (District Mayor Park Gyeom-su) will hold a public contest for village enterprises to support project funds for 2021 from the 23rd to the 27th.

A village enterprise refers to an organization established at the village level by local residents who directly utilize various local resources to carry out profit-making businesses that solve local problems and realize the benefits of the local community through income and job creation.

This contest is open not only to companies newly entering the village enterprise business but also to second- and third-year companies that started their business with subsidies from the district.

The support scale is ▲ 8 places in the first year (up to 50 million KRW) ▲ 6 places in the second year (up to 30 million KRW) ▲ 2 places in the third year (up to 20 million KRW), which may vary depending on the 2021 Seoul city budget. However, companies must bear at least 20% of the subsidy through joint investment, and companies applying for the first and second years must have at least 5 members complete a certain amount of education by December 24.

Applications are possible if five or more residents living or working in Gangbuk-gu invest and the ratio of local residents is 70% or more. Applications can only be made in the form of corporations under the Civil Act, companies under the Commercial Act, cooperatives under the Framework Act on Cooperatives, agricultural cooperatives under the Act on Agricultural and Fishery Management Entities, etc., and the corporation must be fully established.

To apply, applicants must prepare the application form, business plan, village enterprise member list, and other required documents and visit the Village Cooperation Division of Gangbuk-gu Office. Submitted applications will be selected after on-site investigation and eligibility review by the district, followed by evaluation by Seoul City and the Ministry of the Interior and Safety.

Park Gyeom-su, Mayor of Gangbuk-gu, said, “We will do our best to provide administrative support so that village enterprises that invigorate the local community can take root well within the region,” and added, “We hope that interested local corporations actively participate.”

For more details, please contact the Village Cooperation Division of Gangbuk-gu Office.

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