Gyeongnam Province Allocates 510 Million Won for Business Development to Social Economy Enterprises!

Recruitment of Companies for the 2nd Support Project Until the 17th

Gyeongnam Provincial Government Office.

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Seryeong] Gyeongsangnam-do is recruiting companies to participate in the 2nd business development fund support project for social economy enterprises in the province until the 17th.

The province plans to support a total of about 510 million KRW as the 2nd business development fund to help social economy enterprises establish a continuous and stable profit structure.

The uses of the business development fund include ▲ research and development (R&D) costs such as technology development ▲ promotion, marketing, and development of additional services ▲ improvement of product performance and quality ▲ costs for entering new businesses and discovering strategic business models.

In April, 62.4 million KRW was supported to 36 companies participating in the 1st business development fund support project, which led to the development of prototypes such as solar LED signboards, toilet paper cutting blade guides, and powder sticks.

The eligible participants are social enterprises, preliminary social enterprises, social cooperatives, village enterprises, and self-support enterprises (limited to corporations) located in the province that employed at least one paid worker as of the end of April 2022.

Social enterprises can receive support up to 100 million KRW annually for up to 3 years within 5 years, and preliminary social enterprises can receive up to 50 million KRW annually for up to 2 years within the designated period.

Social cooperatives, village enterprises, and self-support enterprises can receive support up to 50 million KRW annually for up to 2 years within 3 years.

Companies wishing to participate can submit applications and required documents through the Social Enterprise Integrated Information System by the 17th.

The province plans to select target companies through on-site inspections and review committee evaluations in cooperation with cities and counties, announce the results on the provincial website at the end of June, and notify individually through the relevant cities and counties.

Detailed information can be obtained from Moduui Economy Social Cooperative, the integrated support organization for social enterprises by region.

A Gyeongnam provincial official said, “We will continue efforts to pioneer sales channels through brand development and various promotions and marketing, and to lay the foundation for continuous growth of enterprises.”

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