Busan Port Authority Takes Active Steps to Support Social Enterprises Struggling Due to COVID-19

Nine Public Enterprises in Busan Collaborate to Provide Financial Support through the 'Busan Social Economy Support Fund'

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] Busan Port Authority (BPA, President Nam Ki-chan) and nine public institutions in the Busan area are recruiting participating companies for the 4th phase of the 'Busan Social Economy Support Fund' financial support project for social ventures and social economy enterprises in the Busan region until April 9.

The nine public enterprises in the Busan area include the Korea Technology Finance Corporation, Busan Urban Corporation, Busan Port Authority, Korea Housing & Urban Guarantee Corporation, Korea South-East Power Co., Ltd., Korea Securities Depository, Korea Asset Management Corporation, Korea Housing Finance Corporation, and Korea Ocean Business Corporation.

This support project targets social economy enterprises such as (preliminary) social enterprises, village enterprises, (social) cooperatives, self-support enterprises, and social ventures in the Busan area.

A total of 700 million KRW will be provided to 45 companies based on social value, business operation sustainability, and job creation effects.

If selected as a target company, launching and start-up stage companies will receive non-repayable financial support ranging from 10 million to 20 million KRW.

Scale-up stage companies will receive interest-free loans up to 50 million KRW, and newly established 'COVID-19 Overcoming Emergency Loans' companies can also receive interest-free loans up to 10 million KRW.

This project has expanded the scale of financial support and the number of target companies to revitalize the Busan regional economy and maintain employment amid the prolonged COVID-19 pandemic.

A performance reward program linked to employment and social value goals will be implemented, providing incentives such as additional rewards or principal reductions upon achieving performance targets.

Applications can be submitted by downloading the designated form from the Social Enterprise Research Institute website, filling it out, and emailing it by the deadline for each support category. Detailed information is available on the websites of the Korea Social Enterprise Promotion Agency and the Social Enterprise Research Institute.

President Nam Ki-chan said, "We hope for active interest and participation from social economy enterprises in this financial support project," adding, "BPA will devote efforts to creating jobs and revitalizing the local economy in the Busan area."

The nine public institutions in the Busan area have supported 64 companies with 1.78 billion KRW through the BEF financial support project over three years since 2018, achieving results such as creating 124 new private-sector jobs and increasing sales by 2.9 billion KRW.