259.9 Billion KRW Supplied to Social Finance in the Public Sector in the First Half of the Year

[Asia Economy Reporter Kim Hyo-jin] The Financial Services Commission announced on the 15th that the public sector supplied 259.9 billion KRW in social finance to 1,526 social economy enterprises and others in the first half of this year.

Social finance refers to financial services such as loans, investments, and guarantees provided to demanders who pursue social value over economic profit, including social economy enterprises and cooperatives.

The supply performance for the first half, compiled by the FSC, corresponds to 60.8% of this year's supply target (427.5 billion KRW).

By type, loans amounted to 78.8 billion KRW, and guarantees amounted to 141.3 billion KRW, achieving 65% and 61% of the targets, respectively.

Additionally, investments of 40.8 billion KRW were made through funds raised by Korea Growth Investment Corporation and Korea Venture Investment Corp., which is 53% of the target amount.

Bank loans to social economy enterprises and others also increased by 146.3 billion KRW compared to the end of last year, reaching 996.1 billion KRW. Banks also supported social economy enterprises through donations and sponsorships (2.55 billion KRW) and product purchases (1.64 billion KRW).

On the morning of the same day, the FSC held the 2nd Social Finance Council at the Seoul Jung-gu Community Finance Promotion Agency and pledged to put more effort into early execution in the second half of the year to ensure that social economy enterprises facing difficulties due to COVID-19 and other factors can receive timely funding.