Busan's 8 Public Institutions Including KAMCO, Matching Investment for Social Enterprises

[Asia Economy Reporter Haeyoung Kwon] Korea Asset Management Corporation (KAMCO) and eight public institutions in the Busan area announced on the 4th that they will conduct a crowdfunding project to support 13 social economy enterprises in the Busan region as part of the 2nd phase financial support project of the Busan Social Economy Support Fund (BEF).

This project aims to support market development and sales expansion for social economy enterprises in the early stages of business or preparing for commercialization. The project promotes the business items of 13 distinctive social economy enterprises such as 'Dongnae Chabatgol Flower Tea' and 'Yeongdo Haenyeo,' and if the funding goal is achieved, additional funds will be provided through a matching investment method from the fund. This project started on the 19th of last month and will run until the 19th of this month.

Crowdfunding participation is possible by accessing the funding platform and searching for 'BEF' in the search bar or by clicking the 'Social Enterprise Research Institute' banner. For more details, inquiries can be made to the Social Enterprise Research Institute or the funding platform.

Shinhyeong Sik, Head of Management at KAMCO, stated, "BEF, now in its third year of operation and entering a growth phase, is recognized as a model case for revitalizing the local economy and social economy." He added, "Going forward, KAMCO will continue to discover and provide innovative and practical support programs through BEF to promote a virtuous cycle in the social economy ecosystem of the Busan region, contributing continuously to local economic revitalization and the creation of good jobs."

Meanwhile, the eight public institutions in the Busan area plan to jointly raise a fund of 1.04 billion KRW this year and 5 billion KRW by 2022 to operate BEF together with the Social Enterprise Research Institute, which manages the fund, and provide financial support to social economy enterprises. They will also actively support the startup and growth of social economy enterprises in the Busan region through growth support education programs such as management consulting and academies, as well as support for establishing social cooperatives.

This content was produced with the assistance of AI translation services.