Gyeonggi Province to Provide up to 1 Billion Won for Cooperative Asset Building Support for Social Economy Organizations

The Gyeonggi Provincial Government will accept additional applications from companies wishing to participate in the 'Cooperative Asset Building Support Program for Social Economy Organizations' from September 1 to September 5.

Eligible applicants are social economy organizations that promote community revitalization or shared and collaborative projects. As of the announcement date, the main business location must be in Gyeonggi Province, and businesses in luxury or entertainment industries, such as nightlife establishments, are not eligible. Prospective social enterprises, prospective village enterprises, self-support enterprises, and social venture companies may participate as members of a consortium.

The maximum loan amount per organization is 1 billion won, and up to 90% of the purchase funds specified in the sales contract can be supported. The fixed interest rate is 2.0% per year. Applicants can choose between a repayment period of 6 years with equal installments after a 4-year grace period, or 10 years with equal installments after a 5-year grace period.

Gyeonggi Provincial Government

The support funds may only be used to secure essential assets for business operations, such as real estate purchases and the acquisition of machinery, equipment, and facilities.

The Gyeonggi Provincial Government will conduct a first-round screening through the Business Selection Review Committee and then select priority companies.

For further details, please refer to the announcement on the Gyeonggi Provincial Government website (gg.go.kr) or contact the Social Innovation Planning Division at the Gyeonggi Provincial Government (031-8008-3421) or Shinhan Bank Suwon Station Branch (031-253-7875).

Gong Jeongsik, Director-General of Social Innovation Economy at the Gyeonggi Provincial Government, stated, "Social economy organizations are key players in creating social value, and securing sustainability and self-reliance is a core challenge." He added, "Through the cooperative asset building program, we will support organizations in driving long-term growth and establishing stable conditions for self-sufficiency."

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