The Housing and Urban Guarantee Corporation (HUG) announced on the 21st that it delivered 1.17 billion KRW from the Busan Economic Revitalization Support Fund (BEF), jointly established with eight public institutions in the Busan area, to the entrusted organizations on the 20th.
On the 20th, officials from nine public institutions are taking a commemorative photo at the 'Busan Economic Revitalization Support Fund (BEF) Handover Ceremony' held at the Busan International Finance Center. / Photo by HUG
BEF is a fund jointly created by nine public institutions in the Busan area to revitalize the local economy and promote Environmental, Social, and Governance (ESG) management. Since its operation began in 2018, the fund was initially used to support social economy enterprises but expanded its support scope to include small and venture businesses last year. Subsequently, with a shared commitment to spreading ESG management, the fund was relaunched under a new name.
The fund delivery ceremony was held at the auditorium of Korea South Power on the 4th floor of the Busan International Finance Center (BIFC). After signing a business consignment agreement with the entrusted organizations, the Social Innovation Institute and Busan Creative Economy Innovation Center, the fund was handed over.
This year, each institution contributed 130 million KRW, totaling 1.17 billion KRW. The total accumulated fund has reached 7.51 billion KRW. The newly raised fund will be used for 23 selected companies in the social value sector to operate ▲social performance reward programs ▲support social startups and nurture social entrepreneurs ▲operate projects linked with resources held by public institutions ▲support youth preparing for independence in employment and entrepreneurship. Additionally, in the industrial and private enterprise innovation growth sector, support will be provided to local small and venture companies practicing ESG management through small business vouchers and startup accelerating programs.
In particular, this time, to address regional issues such as youth population outflow and loneliness among single-person households, collaboration with private companies like SK E&S, Underdogs, and Starbucks will be strengthened to develop Busan-type social services. Furthermore, to assist social enterprises and startups in expanding their global business, support will be provided for participation in overseas exhibitions and for discovering local buyers and investors.
Lee Chang-hee, Vice President of HUG, said, "With this fund delivery, we hope to establish a foundation for the sustainable growth of social economy enterprises and small and venture businesses in the Busan area." He added, "Going forward, HUG will continue to cooperate with partner institutions to promote ESG management, including revitalizing the Busan economy and creating jobs."
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