Incheon City announced on the 14th that it will promote a public contest project worth a total of 383 million KRW targeting about 50 social economy enterprises this year to ensure their continuous growth and strengthen their self-sustainability.
The public contest project will be conducted in seven areas: growth support, startup cultivation, design development support, social service support, regional specialization, innovation network, and technology development support, with contests held for each project.
Social economy enterprises are a type of business that realizes social value by employing vulnerable groups or providing social services. Through the public contest project, the city plans to expand the foundation of social economy enterprises and provide practical support so that individual enterprises can continue to grow.
Last year, the city promoted public contest projects in a total of five areas, including growth support and social service support, providing 320 million KRW in project funds to 38 enterprises, contributing to strengthening their self-sustainability. In addition, in cooperation with public institutions in the region, the city provided an additional 50 million KRW in technology development funds to five enterprises.
Spot Co., Ltd., selected for the social service support project last year, provided jobs to retired athletes and operated an after-school soccer class program for children in the Yeonsu area, achieving results that satisfied both service providers and users.
Social economy enterprise Spoit operates an after-school soccer class through its sports care program. Photo by Spoit
The city plans to continue expanding various public contest projects to strengthen the independence of social economy enterprises and create a sustainable ecosystem. In particular, it will prepare practical support measures such as supporting youth who wish to start social economy enterprises and promoting collaboration with public institutions in the region.
An official from Incheon City stated, "Due to the economic downturn and changes in government policy direction, social economy enterprises in the region are facing difficulties," and added, "Even in this crisis, we will actively support the continuous creation of social value such as employment of vulnerable groups and contribution to the local community."
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