Gangbuk-gu, 2021 Preliminary Village Enterprise Contest... Up to 10 Million Won Support

Corporations Composed of 5 or More Residents or Domiciles in Gangbuk-gu Eligible to Apply... In-Person Submission at District Office Village Cooperation Division from March 15 to 19

[Asia Economy Reporter Park Jong-il] Gangbuk-gu (District Mayor Park Gyeom-su) will support preliminary village enterprise activities in 2021 and recruit participants from the 15th to the 19th.

This project is designed to nurture village enterprises that have both identity and business viability by supporting village enterprises in the preliminary stage. Members of the village enterprises will utilize local resources to generate income and jobs and solve common local problems.

Any enterprise invested by five residents with a residence or workplace address in Gangbuk-gu is eligible to apply. However, if there are six or more investors, at least 70% must be local residents of Gangbuk-gu.

Corporations under the Civil Act, companies under the Commercial Act, cooperatives under the Framework Act on Cooperatives, and agricultural cooperatives under the Act on the Management of Agricultural and Fishery Enterprises are eligible to apply. Non-corporate groups may also apply but must establish a corporation within two months after signing the agreement.

Afterward, the final selected enterprises will be decided through on-site inspections and eligibility reviews by Gangbuk-gu, followed by evaluation by Seoul City.

Selected preliminary village enterprises can receive up to 10 million KRW in project funding. However, at least 20% of the subsidy must be co-invested by the village enterprise as self-funding.

Interested corporations should complete the application form and required documents and submit them in person to the Village Cooperation Division at the district office. Detailed information can be found in the "News" section on the Gangbuk-gu Office website, and inquiries can be made by phone to the Village Cooperation Division of Gangbuk-gu Office.

Park Gyeom-su, Mayor of Gangbuk-gu, said, "The growth of preliminary village enterprises can help the local economy, which is struggling due to COVID-19," and added, "We hope many organizations interested in this project, which can revitalize the local community, will apply."