8 Public Institutions in Busan Including KAMCO Provide 30 Million KRW Matching Investment Fund for Social Economy Enterprises

A Total of 30 Million KRW Supported for 13 Social Economy Enterprises That Achieved Their Crowdfunding Goals

[Asia Economy Reporter Kwon Haeyoung] On the 8th, Kampco (Korea Asset Management Corporation) and eight public institutions in the Busan area announced that they have provided a total of 30 million KRW in matching investment funds to 13 social economy enterprises. This amount was funded through a crowdfunding project conducted last month as part of the 2nd phase financial support program of the Busan Social Economy Fund (BEF).

This project was created by eight public institutions including Kampco, Korea Technology Finance Corporation, Busan Urban Corporation, Busan Port Authority, Korea Housing & Urban Guarantee Corporation, Korea Southern Power, Korea Securities Depository, Korea Asset Management Corporation, and Korea Housing Finance Corporation to support social economy enterprises in the early or commercialization preparation stages by helping them open sales channels and expand sales. The project was conducted in a matching investment format where if the target funding amount set by the social economy enterprises was achieved through purchases (donations) by the general public, BEF would provide additional funds.

BEF provided a total of 30 million KRW in matching investment funds as all 13 social economy enterprises participating in the project, including ‘Yeongdo Haenyeo’ and ‘Dongnae Chabatgol Flower Tea,’ achieved their target funding amounts. Compared to the first phase project last year, the number of general public participants in the crowdfunding project increased by 192%, from 218 to 406. The amount of donation participation also surged by 144%, from 25 million KRW to 36 million KRW.

Kim Jungye, CEO of Good World and the representative of ‘Yeongdo Haenyeo,’ which recruited the largest number of participants (118 people) in this project, said, “We were able to achieve good results thanks to the interest and affection shown by many people in the crowdfunding project started to preserve the disappearing Busan haenyeo culture.”

Park Changbeom, Head of Job Creation Department at Kampco, the secretariat institution of BEF, said, “Kampco and the eight public institutions in the Busan area are conducting various financial support projects such as crowdfunding for the mutual growth and development with social economy enterprises. Going forward, Kampco will continue to work closely with social economy enterprises through BEF to contribute to revitalizing the local economy and creating good jobs.”

Meanwhile, the eight public institutions in the Busan area plan to actively support the startup and growth of social economy enterprises in Busan through various programs including financial support projects, management consulting, growth support education such as academies, and support for establishing social cooperatives, in cooperation with the (Corporation) Social Enterprise Research Institute, which operates BEF, by jointly raising a fund of 5 billion KRW by 2022 along with 1.04 billion KRW this year.

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