'Junggae Gongje Fund' Subscription Promotion Event... "Total 10 Million Won in Gift Certificates to Be Given"

Exterior view of the Korea Federation of Small and Medium Business Associations

[Asia Economy Reporter Kim Daeseop] The Korea Federation of SMEs announced on the 11th that it will hold a 'Mutual Aid Fund Subscription Promotion Event' to expand subscriptions to the SME Mutual Aid Fund and promote the system.

This event will be held for three months from this month until July. During the event period, the Federation plans to award a total of 10 million KRW worth of National Tourism Gift Certificates through a lottery among customers who subscribe to the mutual aid fund. In addition, all customers who subscribe to the mutual aid fund online will receive a 50,000 KRW gift certificate.

Furthermore, if a new subscriber is introduced by an existing mutual aid fund customer, the existing customer can also receive a 100,000 KRW gift certificate.

The mutual aid fund is a system to support the management stability of SMEs. Launched in 1984 with funds from contributions paid by SME owners and government subsidies, it aims to prevent insolvency of subscribers and provide management stabilization funds.

Eligible subscribers include all SMEs under the Framework Act on Small and Medium Enterprises (excluding entertainment businesses). Subscribers pay monthly contributions and can apply for loans within a certain multiple of the paid contributions after making at least four payments. The system has characteristics of both loans and savings, as subscribers who maintain their contributions without cancellation until maturity receive maturity interest (currently 1.75%) on their paid contributions.

Park Yongman, head of the Mutual Aid Business Division at the Federation of SMEs, said, "We hope this event will widely promote the mutual aid fund," adding, "We will continue to strive to help the mutual aid fund serve as a complement to commercial financial institutions and assist SMEs in overcoming financial difficulties."

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