Busan's 8 Public Institutions Including KAMCO Deliver 1 Billion KRW to Social Economy Support Fund

Early Execution of 680 Million KRW Financial Support Project for 25 Social Economy Enterprises

[Asia Economy Reporter Kwon Haeyoung] Korea Asset Management Corporation (KAMCO) and eight public institutions in the Busan area jointly delivered 1 billion KRW to the Social Enterprise Research Institute, the entrusted management institution of the Busan Social Economy Support Fund (BEF), on the 29th to implement the third-year project of the fund.

The eight public institutions in Busan include KAMCO, Korea Technology Finance Corporation, Busan Urban Corporation, Busan Port Authority, Korea Housing & Urban Guarantee Corporation, Korea Southern Power, Korea Securities Depository, and Korea Housing Finance Corporation. To revitalize the social economy and create jobs in the Busan area, these institutions have aimed to raise a joint fund of 5 billion KRW from 2018 to 2022, and over the past two years, they have prepared a fund of 1.8 billion KRW, supporting more than 100 social economy enterprises to date.

Especially this year, to accelerate the early revitalization of the Busan economy, which has been stagnant due to the COVID-19 pandemic, the schedule was advanced by about two months compared to previous years. The scale of the financial support project was also expanded from 600 million KRW to a total of 680 million KRW, expected to contribute to fostering social economy enterprises and invigorating the local economy. The target companies for support were selected from a total of 25 Busan social economy enterprises, including (preliminary) social enterprises, village enterprises, (social) cooperatives, self-support enterprises, and social ventures, after receiving applications from 67 companies between the 17th of last month and the 5th of this month, followed by document and face-to-face evaluations.

The support fund delivered this time will be used for crowdfunding matching investments, management consulting, growth support education, cooperative establishment resources, and more to assist the startup and growth of social economy enterprises in the Busan area.

Moon Sung-yoo, President of KAMCO, stated, "We hope that innovative projects that enhance social value will be activated through BEF and that new growth engines will be created for the Busan economy." He added, "KAMCO will continue to work closely with related organizations to revitalize the local economy."

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