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Busan Metropolitan City to Recruit Participating Companies for “Social Economy Enterprise Business Development Cost Support Project”

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Busan Metropolitan City (Mayor Park Heong-joon) announced that it will recruit participating companies for the “Social Economy Enterprise Business Development Cost Support Project,” aimed at supporting the growth of social economy enterprises and strengthening their foundation for self-reliance, until April 29.

The City plans to provide business development costs through its own program in line with the government’s policy direction of expanding the social economy, with the goal of enhancing the competitiveness of local social economy enterprises and establishing stable revenue structures. Through this initiative, the City aims to lay the foundation for sustainable growth of these enterprises and contribute to a virtuous cycle in the regional economy.

A “social economy enterprise” refers to an organization that engages in economic activities to pursue social integration and the common good—such as reducing inequality, promoting a virtuous cycle in the local economy, creating quality jobs, and providing social services—based on solidarity and cooperation among its members and operating as an independent, autonomous, and democratic entity.

The City will invest a total of KRW 285 million to support competitive enterprises that realize social value, providing up to KRW 20 million per company.

Eligible applicants include preliminary and certified social enterprises, village enterprises, social cooperatives, and self-sufficiency enterprises (corporations).

The funds may only be used for business development purposes such as technology development, quality improvement, and prototype production, and each company may receive support up to a maximum of two times.

Participating companies will be finally selected through an expert evaluation committee in late May, following preliminary review and on-site inspection.

The project implementation notice can be found on the City’s official website under announcements (www.busan.go.kr/nbgosi), and applications can be submitted online from April 16 to April 29 via the integrated business management system on the Social Enterprise Portal (www.seis.or.kr).

For further details, inquiries can be made to the Small Business Support Division of Busan Metropolitan City (Tel. +82-51-888-4767) or to the social enterprise 담당 department of each district or county.

Kim Bong-cheol, Assistant Mayor of Digital Economy Office, stated, “Social economy enterprises are valuable assets that take the lead in serving the interests of the community, including creating jobs for vulnerable groups and providing essential services,” adding, “Beyond simple financial support, we will do our utmost to build a sustainable ecosystem so that the social values pursued by these enterprises can spread throughout our society.”