[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Du-yeol] Busan Port Authority (BPA) and nine public institutions in the Busan area are recruiting companies to participate in the social enterprise growth support program, the ‘2022 BEF Impact Audition,’ until the 17th.
The participating public institutions are Korea Technology Finance Corporation, Busan Urban Corporation, Busan Port Authority, Korea Housing & Urban Guarantee Corporation, Korea South Power, Korea Securities Depository, Korea Asset Management Corporation, Korea Housing Finance Corporation, and Korea Ocean Business Corporation.
Support is provided through the Busan Social Economy Support Fund (BEF).
BEF stands for Busan Embracement Fund for Social Economic Development, a fund established by nine public institutions in the Busan area to support the sustainable growth of social economy enterprises. The fund is entrusted and operated by the Social Enterprise Research Institute, a non-profit organization.
The eligible participants are companies recognized as social ventures by the Korea Technology Finance Corporation in the Busan area, (preliminary) social enterprises, village enterprises, (social) cooperatives, self-support enterprises, and other social economy organizations and companies aiming to create social value (Social Impact).
The selection criteria include ▲entrepreneurship ▲growth potential ▲sustainability ▲impact, with a total of seven companies to be selected.
Selected companies will receive various programs for business growth, such as training on preparing company introduction materials, business model consulting, and mentoring from professional consulting organizations.
The top five companies selected through mid-term evaluation will have opportunities to promote their companies and connect with investors at an investment presentation (Demo Day) in the form of a competition, and a total of approximately 100 million KRW worth of BEF fund investment is expected to be attracted.
The BEF Impact Audition accepts applications via email until the 17th. The final selection will be made at the end of July after document screening and other evaluations.
Detailed information can be found on the Social Enterprise Research Institute website.
Kang Jun-seok, president of BPA, said, “I hope this will be an opportunity for social venture companies in the Busan area, which practice social responsibility management, to grow further with the help of experts,” and added, “We look forward to the active participation of excellent local social enterprises.”
BPA and nine public institutions in the Busan area have raised 5.17 billion KRW in BEF funds over the past five years. These institutions actively support financial aid, management consulting, talent development, and market expansion for social economy enterprises in the Busan area using the fund.
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