Jeonnam Province Selected as the Most Nationwide Village Enterprises Designated by the Ministry of the Interior and Safety

Designated at 19 Locations... Various Benefits Including Up to 100 Million KRW When Selected by the 3rd Year

[Muan=Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] Jeonnam Province achieved the highest number of selections (19 locations) among the 152 nationwide village enterprises designated by the Ministry of the Interior and Safety this year.

According to the province on the 26th, 13 new village enterprises with excellent business foundations and management capabilities were selected, including CinemaMM (Mokpo City), Kkotboda Free Market Cooperative (Yeosu City), and Woldeung Fruit Farming Association Corporation (Suncheon City). Six enterprises were also designated as re-designated and advanced village enterprises, awarded to those with outstanding realization of village enterprise values and operational performance.

This achievement is analyzed to be the result of solid operation of Jeonnam-type policy projects, such as the Jeonnam-type village enterprise cultivation, facilities, equipment, and advancement support, which were first introduced nationwide by the province.

Selected village enterprises receive support for labor costs, operating expenses, and facility/asset acquisition costs divided by year.

The support fund is 50 million KRW for new enterprises (1st year), 30 million KRW for re-designated enterprises (2nd year), and 20 million KRW for advanced enterprises (3rd year).

If selected up to the 3rd year, they can receive up to 100 million KRW. Along with this, there are various benefits such as village enterprise sales channels and management consulting.

Additionally, if selected as the nationwide top enterprise ‘Modu愛 Village Enterprise,’ they receive 100 million KRW, and if selected as an ‘Excellent Village Enterprise’ that realizes social value through outstanding management performance, they receive 70 million KRW.

Village enterprises with poor operational performance but willingness to recover and potential for re-leap are also supported with a 10 million KRW subsidy as a seed fund project.

Last year in Jeonnam, Yeosu Songsi Village was selected as a ‘Modu愛 Village Enterprise,’ and Yeonggwang Jinaeduri was selected as an ‘Excellent Village Enterprise.’

A village enterprise is a village-level enterprise that creates profits and jobs by utilizing local resources under the leadership of residents living in the same living area (eup/myeon).

More than 70% of members must be local residents, and the enterprise must have community, publicness, locality, and business characteristics.

As of the end of last year, there were 189 Ministry of the Interior and Safety-type village enterprises in Jeonnam (10.5% of the nationwide 1,792), ranking second nationwide after Gyeonggi Province with 210 enterprises.

Jang Jeonghee, head of the Social Economy Division of Jeonnam Province, said, “We will actively support village enterprises that effectively solve local problems and realize community benefits to grow and operate solidly.”