Gyeongnam Province Seeks Participants for Social Economy Enterprises' Business Development Expense Support Program

Up to 100 Million KRW Support for Technology Development and Promotion·Marketing Expenses

A view of Gyeongnam Provincial Government Office.

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Saeyan] Gyeongnam Province announced on the 19th that it is recruiting companies to participate in the ‘Business Development Expense Support Project’ to establish a continuous and stable revenue structure base for social economy enterprises.

The eligible participants are social enterprises, preliminary social enterprises, social cooperatives, and village/self-support enterprises that employ at least one paid worker within the province. Social enterprises can receive support of up to 100 million KRW annually for up to 3 years within 5 years.

Preliminary social enterprises can receive support of up to 50 million KRW annually for up to 2 years within the designated period. Social cooperatives and village/self-support enterprises can receive support of up to 50 million KRW annually for up to 2 years within 3 years.

Depending on the number of times supported, a self-payment rate of 10% for the first time, 20% for the second time, and 30% for the third time or more is applied. The supported business development expenses must be used for technology development, promotion, marketing, additional service development, product performance and quality improvement, new business entry, and strategic business model discovery costs.

Companies wishing to participate can submit applications and required documents through the Social Enterprise Integrated Information System from the 20th until the 5th of next month. The selection results will be announced on the provincial website in March and will also be individually notified through the responsible city or county office.