Gangbuk-gu Announces Additional Call for Village Enterprises for 2021 Project Funding... Up to 50 Million KRW Support

Applications accepted from May 3 to 7... Corporations with investment from 5 or more residents and at least 70% local resident ratio eligible to apply

Lecture by Gangbuk-gu Village Enterprise 'Hanguk Gyoyuk Gangsa Cooperative'

[Asia Economy Reporter Jongil Park] Gangbuk-gu (Mayor Park Kyumsu) is fostering village enterprises that create income and jobs within the region and solve local problems, and is additionally recruiting village enterprises to receive project funding for 2021.

In addition to newly entering village enterprises, second- and third-year enterprises that started their business with support funds from the district are also included in the recruitment target.

The district provides project funding of ▲ 50 million KRW for the first year (new) ▲ 30 million KRW for the second year (re-designation) ▲ 20 million KRW for the third year (advancement). However, at least 20% of the subsidy must be self-funded by the village enterprise through joint investment.

The target is enterprises invested by five or more residents with a residence or workplace address in Gangbuk-gu. The proportion of Gangbuk-gu local residents within the enterprise must be at least 70%.

The enterprise must take the form of a corporation under the Civil Act, a company under the Commercial Act, a cooperative under the Framework Act on Cooperatives, or an agricultural cooperative under the Act on the Management of Agricultural and Fishery Entities, and only organizations that have completed corporate establishment can apply.

Furthermore, for enterprises applying in the first and second years, five or more members must complete introductory education (7 hours) and specialized education (4 hours) before applying for the village enterprise.

Enterprises wishing to apply can visit the Village Cooperation Division of Gangbuk-gu Office from May 3 to May 7 with the application form, business plan, and village enterprise member list.

Submitted applications will undergo on-site investigation and eligibility review by Gangbuk-gu, followed by final evaluation by Seoul City and the Ministry of the Interior and Safety to determine selection.

Park Kyumsu, Mayor of Gangbuk-gu, said, “I hope the support project will help village enterprises establish a foundation for self-reliance aimed at regional development,” and added, “We will do our best to provide administrative support so that village enterprises can take root well within the region.”