"Employment Brings Loan Benefits"… Gangwon-type Employment Social Responsibility System '3·3·3 Fund'

Gangwon-do and Financial Institutions Collaborate on 'Employment-Linked Loan Support'... First Case Nationwide

'3·3·3 Fund Support' Participating Institutions Council Meeting Held [Provided by Gangwon Province]

[Asia Economy Reporter Ra Young-cheol] Gangwon Province held a participation institution council to discuss various measures for the successful promotion of the 'Gangwon-type Employment Social Responsibility System (3·3·3 Fund),' which provides a loan support of 30 million KRW for hiring one new employee in small and medium-sized enterprises (SMEs) and small business owners, and offers a 30% incentive for maintaining employment for three years.

On the 14th, the province announced, "The province, along with five banks (NongHyup, Shinhan, Kookmin, Woori, Hana) and the Gangwon Credit Guarantee Foundation, agreed to promote targeted publicity for companies, share the progress and future plans of each participating institution, and cooperate mutually to ensure many companies can benefit."

The 'Gangwon-type Employment Social Responsibility System (3·3·3 Fund)' is a loan support project linked to employment, inspired by overseas cases such as U.S. Senator Bernie Sanders' 'Jobs for All,' the Paycheck Protection Program (PPP), and Canada's emergency business funds. Among metropolitan local governments nationwide, Gangwon Province is the first to implement this initiative.

Implemented since the 16th of last month, this project has attracted significant interest from companies as a means to secure urgent liquidity through the hiring of regular employees by small business owners and SMEs.

The province expects this project, with a total budget of 268.8 billion KRW, to create up to 6,500 jobs and anticipates a strong employment retention effect, considering that 86.7% of those who lost employment insurance have worked less than three years.

Kim Tae-hoon, Director of the Economic Promotion Bureau, stated, "The 3·3·3 Fund is a much-needed project for unemployed individuals and SMEs and small business owners who have been struggling through the prolonged COVID-19 pandemic. We will ensure that many companies and residents benefit from it."