North Jeolla Province to Provide 1 Billion KRW in Loans to Support Social Economy Enterprises

Applications Accepted Until August 1
Facility Loans Up to 100 Million KRW

North Jeolla Province announced on July 25 that it will implement a loan program totaling approximately 1 billion KRW to support the stable operation and sustainable growth of social economy enterprises in the province.

Through the second round of the Social Economy Fund loan program this year, the province plans to provide funding to preliminary social enterprises, (social) cooperatives, village enterprises, self-sufficiency enterprises, and social venture companies located in North Jeolla. Applications will be accepted until August 1, and after document screening and on-site inspections, the final recipient companies will be selected at the end of August.

The loans are divided into short-term and long-term categories. Short-term loans offer up to 20 million KRW at an annual interest rate of up to 2%, with repayment required within one year. Long-term loans provide up to 50 million KRW for operating funds and up to 100 million KRW for facility funds, with an annual interest rate of up to 2.8%, to be repaid in installments within five years.

Through this program, the province aims to improve financial accessibility for social economy enterprises, address funding shortages, and lay the foundation for realizing social values such as job creation for vulnerable groups and recovery of the local economy. For more details, interested parties can contact the person in charge of the North Jeolla Social Economy Fund at the Jeonbuk Social Economy Solidarity Council or refer to the announcement posted on the website.

Kim Intae, Director of Enterprise Attraction and Support, stated, "We hope this loan program will help social economy enterprises secure self-sustainability, and we will continue to actively support economic actors who realize social values so they can take root in the region."

Meanwhile, since 2021, North Jeolla Province has established the Social Economy Fund and has provided a total of 2.24 billion KRW to 44 companies to date. Through this, the province has offered practical assistance to companies in the blind spots of government subsidies, helping them carry out local projects and refinance high-interest loans.