Gangwon-do Selects '100-Year Companies and Promising SMEs'... Supporting Regional Economic Drivers

6 Century-Old Companies and 27 Promising SMEs

Gangwon Provincial Government

[Asia Economy Reporter Ra Young-cheol] Gangwon Province announced on the 22nd that it has selected 6 centennial companies, 12 promising small and medium-sized enterprises (SMEs), and 15 re-certified promising SMEs within the province.

The 'Gangwon Province Centennial Companies' policy, initiated in 2012, aims to discover local companies with over 20 years of operation that lead regional economic growth and contribute to community development, nurturing them as 'Gangwon Province’s representative companies continuing for 100 years.' Up to last year, 42 companies have been selected.

The province’s promising SMEs program, launched in 2003, seeks to identify and foster promising companies with growth potential among those operating for more than 2 years. Currently, a total of 168 companies hold promising SME certification.

Both centennial companies and promising SMEs receive benefits such as expanded limits on provincial SME development fund support.

For business stabilization funds, there is a limit of 800 million KRW with 3% interest subsidy, and for special purpose funds, the limit is 3 billion KRW for centennial companies and 2 billion KRW for promising SMEs, applying a preferential fixed interest rate of 1.5%.

Additionally, applicants for the 'Centennial and Promising SMEs' competitiveness enhancement projects receive preferential scoring, as do those applying for support projects promoted by the province and related organizations.

Jeon Gil-tak, Director of the Gangwon Province Economic Promotion Bureau, stated, "Gangwon Province’s 'Centennial and Promising SMEs' are key drivers of the province’s economic growth and valuable assets leading economic development. We will continue to support them so that the region and companies can grow together."

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