Gangdong-gu Provides Loan Support from Social Economy Investment Fund for COVID-19 Victims

[Seoul District News] Gangdong-gu Provides Loans Totaling 100 Million KRW Using Social Economy Investment Fund Resources with 2-Year Grace Period and 3-Year Equal Principal and Interest Repayment at 0.9% Annual Interest... Seongbuk-gu Selects Lastoria and Global Bridge as Winners of Social Venture Entrepreneur Training Competition

[Asia Economy Reporter Park Jong-il] Gangdong-gu is providing a total of 100 million KRW in loans to support the growth and self-reliance of social economy enterprises that have been continuously struggling due to accumulated damage from COVID-19 and rising prices.

This loan support is being promoted using the resources of the Gangdong-gu Social Economy Investment Fund. The total amount is 100 million KRW, with a loan limit of up to 50 million KRW per company. The repayment conditions are a 2-year grace period followed by 3 years of equal principal and interest installments, with an annual interest rate of 0.9%.

Applicants must be companies operating as social enterprises within the region. However, companies or organizations that have previously received loans from the Gangdong-gu Social Economy Investment Fund and have lost the benefit of the term as of the application date, as well as companies related to private finance and insurance, real estate and leasing, entertainment and pubs, and other luxury or indulgence industries, are excluded from eligibility.

Loan applications can be submitted in person to the Social Economy Division of Gangdong-gu Office (25 Seongnae-ro, Gangdong-gu, Seoul, 4th floor of the 2nd Gangdong-gu Office building) by referring to the "2022 Gangdong-gu Social Economy Investment Fund Loan Plan Announcement" posted on the Gangdong-gu Office website. Note that loan support may close early once funds are exhausted.

After providing the loan, the district will conduct regular consultations with the companies and carefully check the use of loan funds, business outlook, financial status, and repayment status to ensure that the support is effectively used for the growth and self-reliance of social economy enterprises.

An official from the district stated, "Due to unstable domestic and international conditions, interest rates are rising sharply, increasing the interest burden and financing difficulties for social economy enterprises. We expect that the low-interest loan support at 0.9% will provide practical help to social economy enterprises facing difficulties."

For more detailed information regarding the Social Economy Investment Fund loan support, inquiries can be made at the Social Economy Division of Gangdong-gu Office.

Seongbuk-gu held the "Seongbuk-gu Youth Social Venture Entrepreneur Training Competition" on the afternoon of the 28th at 1 PM in the Seongbuk Art Hall on the 4th floor of Seongbuk-gu Office to help young people dreaming of social change realize their dreams in the social economy sector.

Held for the third time this year, the Seongbuk-gu Youth Social Venture Entrepreneur Training Competition publicly recruited participating teams from March 21 to April 15 to discover creative and innovative business models, with a total of 14 teams applying.

Twelve teams selected through the first document screening participated as presenters in this competition and received education and professional consulting on social economy understanding and social venture startups over three sessions every Saturday from April 30 to May 14.

As a result of the public screening in this competition, eight teams were honored with awards. The total amount of business development support is 58 million KRW, with two grand prize winners receiving 10 million KRW each, two excellence awards receiving 8 million KRW each, two merit awards receiving 6 million KRW each, and two encouragement awards receiving 5 million KRW each in business development funds.

The grand prize winner "Lastoria (CEO Lee Sang-su)" received praise from the judges for their business of producing eco-friendly upcycled clothing using waste plastic from Seongbuk-gu, and the second grand prize winner "Global Bridge (CEO Kang Dong-shin)" was recognized for their development of an integrated visa solution for foreign worker recruitment brokerage.

The excellence award winner "Removing Company (CEO Lee Hyun-su)" introduced a data-based senior customized healthcare service, and the second excellence award winner "Dari (CEO Kang Ho-san)" explained a local disabled care service business linked to regional cultural resources.

The merit award winner "What We Care (CEO Beom Myeong-yoon)" presented a platform business for developing driver and pedestrian warning devices, and the second merit award winner "Pophix (CEO Choi Hong-ik)" introduced a MyDear caregiver platform development business.

Finally, the encouragement award winner "Rudimentary (CEO Heo Gye-seon)" introduced a local resident exercise service business, and the second encouragement award winner "Chowol (CEO Seo Ji-hee)" presented a barrier-free travel guide platform business utilizing AI technology.