9 Public Institutions in Busan Launch Crowdfunding to Support Social Economy Enterprises

[Asia Economy Reporter Song Seung-seop] Nine public institutions in the Busan area are supporting social economy enterprises through the 'Busan Social Economy Support Fund (BEF)'.

According to the industry on the 19th, each institution is conducting crowdfunding and online promotions to help social economy enterprises in the Busan area, which are struggling due to the prolonged COVID-19 pandemic, to develop sales channels and increase sales.

The support project involves 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. The budget utilizes the BEF fund, which has been established with an annual 5 billion KRW since 2018.

Crowdfunding is conducted in a way that if social economy enterprises achieve their sales target amount and participation target number, BEF provides matching investment funds. Both social economy enterprises and social ventures participate in the funding.

Social economy enterprises that have already received support open a 'BEF Special Pavilion' in the Busan Social Economy Integrated Shopping Mall to expand sales, and conduct promotions offering prizes to new members and purchasing customers. The promotion is conducted in two phases.

Moon Sung-yoo, President of KAMCO, stated, "We hope this project will be of practical help in creating a virtuous cycle and strengthening competitiveness in the social economy ecosystem," and emphasized, "We will continue to expand innovative programs to support social economy enterprises with BEF, contributing to job creation and revitalization of the local economy."