Sogin-gong, Recruiting Companies for Social Economy Enterprise Support Program... Until the 25th of Next Month

[Asia Economy Reporter Kim Bo-kyung] The Small Enterprise and Market Service is recruiting social economy enterprises wishing to participate in the 'Social Economy Enterprise Growth Focused Support Project' until the 25th of next month.

This project was launched to discover social economy enterprises with growth potential and contribute to the revitalization of the social economy through various supports for sustainable growth.

Last year, a total of 17 social economy enterprises were selected, and despite the ongoing economic downturn caused by COVID-19, they achieved a 13.9% increase in sales compared to the previous year.

This year, about 28 companies will be selected. The support limit varies depending on the application type, with a maximum support of up to 300 million KRW. The 'Leap Support' type, limited to small business owners, can receive support up to 100 million KRW. The 'Scale-up' type, which provides up to 300 million KRW, has expanded the support target to include small and medium-sized enterprises. The total project cost includes a separate self-contribution of 20% to 25%.

Companies with a business history of 4 years or more but less than 11 years must receive a recommendation from the relevant ministry to be eligible to apply. The types of social economy enterprises supported by the Small Enterprise and Market Service include social enterprises, cooperatives, village enterprises, self-sufficiency enterprises, and social venture companies.

The final selection is made through a review of the eligibility requirements for applicant companies, evaluation according to the social economy enterprise evaluation model, and a selection deliberation. Selected companies will receive step-by-step support including business diagnosis, education, research and development, promotion, and infrastructure construction.

Jo Bong-hwan, Director of the Small Enterprise and Market Service, said, "This will be an opportunity to provide a stepping stone for small and medium-sized enterprises and small business owners pursuing social value to take a leap forward," and added, "We hope that social economy enterprises with high growth potential will actively participate."

Eligibility requirements and detailed information can be found on the e-Nara Doum or Small Enterprise and Market Service website notices.