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Jung-Gu Office in Ulsan Spurs Social Enterprises

[ULSAN=NEWSIS] Junggu Ulsan Metropolitan City (JUMC) has spurred efforts to foster social enterprises to revitalize the economy.

JUMC announced on June 12 that nine social enterprises including Taewha Arts were chosen for recipients of the city’s support programs for nurturing social enterprises and KRW 96 million will be offered the selected companies.

The city’s programs are designed to help (potential) social enterprises grow stably and raise their financial independence rates.

The City of Ulsan chose four social enterprises and five promising corporations as receivers of the program after reviewing business plans, propriety of applied amount of money and enterprise performance capabilities.

The signing ceremony was held at Jung-gu Office on June 12 and attended by Park Sung-min, the Chief of Jung-gu Office and 14 corporate executives.

The nine enterprises will receive 90 percent (10 percent of their own money) of the budget for research and development, ranging from KRW 5 million to 18million, by late November this year. With the budget, the companies are expected to run their organizations soundly.

“We will spare no effort to help the chosen enterprises become financially independent through administrative and financial support.” said Chief Park Sung-min of the office. “The office will have opportunities to communicate with local residents directly through cultural events and pop-up stores at culture streets and in downtown, which will eventually strengthen (potential) enterprises’ capabilities.” Mr. Park added.

Five social enterprises and seven promising companies are already in the Jung-gu area and they have created about 190 new jobs.

Source Text

Source: Newsis (June 12, 2014)

** This article was translated from the Korean.