Ministry of SMEs and Startups Establishes Dedicated Funding for Social Solidarity Economy Enterprises, Offers Stage-by-Stage Support

[Financial News] The government plans to provide tailored, stage-by-stage support, including the Early-Stage Startup Package and TIPS (Tech Incubator Program for Startup), to help social solidarity economy enterprises grow. It also plans to provide financing through impact funds, guarantees, and other means.
 The Ministry of SMEs and Startups announced the "Measures to Promote Growth-Oriented Social Solidarity Economy Enterprises" at the Social Solidarity Economy Growth Forum held at GLAD Hotel in Yeouido, Seoul, on the 22nd.
 Social solidarity economy enterprises are businesses that conduct economic activities based on cooperation and solidarity to serve the interests of community members and realize social values.
 The Ministry of SMEs and Startups plans to establish dedicated funding to help social solidarity economy enterprises secure stable financing.
 It also decided to host networking events involving social solidarity economy experts and enterprises from South Korea and abroad in conjunction with the Global Startup Festival COMEUP.
 In addition, the ministry will support market expansion by operating a priority purchasing system for public institutions established under the Framework Act on Social Solidarity Economy. It will also support the growth of consumer cooperatives, whose oversight will be transferred to the Ministry of SMEs and Startups in November.
 The ministry also decided to amend the law to include community enterprises and self-support enterprises within the scope of small and medium-sized enterprises. It will also pursue the enactment of a Social Venture Act to clarify the concept of social ventures and the legal basis for supporting them.
 The forum was the first event focused on the growth of social solidarity economy enterprises since the enactment of the Framework Act on Social Solidarity Economy and the announcement of a comprehensive plan for the development of the social solidarity economy last June. It was organized to discuss measures to promote social solidarity economy enterprises with the participation of the National Assembly, the government, and the private sector.
 No Yongseok, First Vice Minister of the Ministry of SMEs and Startups, said, "Social solidarity economy enterprises are important actors in our economy that have helped address various social issues while growing their businesses. We will work to support their growth so that social values can spread alongside it."


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