KAMCO Delivers 1.17 Billion KRW Fund to Social Enterprises in Busan

Funds to Be Used for Regional Economic Revitalization and Job Creation Support

On the 14th, Moon Sung-yu, President of the Korea Asset Management Corporation (left), handed over the Busan Social Economy Support Fund, jointly established with nine public institutions, to Cho Young-bok, Chairman of the Social Enterprise Research Institute.
[Photo by Korea Asset Management Corporation]

[Asia Economy Reporter Song Seung-seop] Korea Asset Management Corporation (KAMCO) and nine public institutions in the Busan area announced on the 14th that they have signed a consignment business agreement with the Social Enterprise Research Institute for the 'Joint Fund for Revitalizing Busan's Social Economy.'

At the signing ceremony held on the 3rd floor of KAMCO Maru in the Busan International Financial Center, a delivery ceremony for the 'Busan Social Economy Support Fund (BEF)' of 1.17 billion KRW was also held.

BEF is a fund established by nine public institutions in the Busan area since 2018 to support the sustainable growth of social economy enterprises. Over three years, 2.83 billion KRW was raised through the fund, supporting 64 social economy enterprises with 17.8 trillion KRW. Through this, 124 jobs were created, and sales increased by 2.9 billion KRW.

This year, with the Korea Ocean Business Corporation joining as a partner institution, the fund increased by more than 100 million KRW from the previous year to 1.17 billion KRW. The funds will be used to revitalize the local economy, which has been stagnant due to the prolonged COVID-19 pandemic, and to create jobs.

Among these, financial support is expected to reach a record high of 740 million KRW. Customized support will be strengthened according to the growth stages of social economy enterprises, and a new emergency loan section to overcome COVID-19 will be established. Up to 10 million KRW will be provided interest-free to 21 target companies.

Additionally, for those who have received interest-free loans in the past three years, principal repayment can be deferred until maturity, and 150 million KRW will be provided for projects such as smart farms linked to the Korean New Deal.

Moon Sung-yoo, President of KAMCO, said, "We will lead cooperation and innovation among partner institutions to create an ecosystem where social economy enterprises can sustainably grow for job creation and revitalization of the local economy."