Gyeonggi-do to Provide Up to 1 Billion KRW Support for 'Social Economy Organizations' Cooperative Asset Building'
Gyeonggi Province will provide low-interest loans of up to 1 billion KRW to support the stable management environment of social economy organizations with weak financial capacity.
On the 25th, Gyeonggi Province announced that it will recruit participants for a support project from May 8 to 10, targeting social economy organizations located in the province that are promoting community revitalization and shared/collaborative projects, providing up to 1 billion KRW. However, preliminary social enterprises, preliminary village enterprises, self-sufficiency enterprises, and social venture companies in consortia are excluded from eligibility.
The loan limit is up to 1 billion KRW, supporting up to 90% of the purchase funds stated in the sales contract. The loan interest rate is a fixed 2.0% per annum. The loan period can be chosen between 4 years grace period followed by 6 years of equal repayment, or 5 years grace period followed by 10 years of equal repayment. The funds can be used for purchasing real estate necessary for business activities, machinery, equipment, or facilities.
Gyeonggi Province will hold the ‘Gyeonggi Province Cooperative Asset Support Project Business Selection Review Committee’ to ensure transparent selection of businesses and will support priority companies based on the results of the first screening. The total budget allocated by Gyeonggi Province is 4 billion KRW.
Social economy organizations wishing to apply can visit the Shinhan Bank Suwon Station branch for preliminary consultation.
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Kim Hana, Director of the Social Innovation Economy Division of Gyeonggi Province, said, "This cooperative asset support project was launched to support the biggest difficulty, financing, by reflecting the opinions of social economy organizations and voices from the field," adding, "We hope this will practically help stabilize the management of social economy organizations and revitalize local communities."
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