KAMCO Launches 4th Phase Financial Support Project for 'Busan Social Economy Support Fund'

9 Public Institutions in Busan Region Provide Up to 700 Million KRW Support to 45 Companies

[Asia Economy Reporter Kwangho Lee] Korea Asset Management Corporation (KAMCO) and eight other public institutions in the Busan area announced on the 26th that they will recruit the 4th round of financial support target companies through the Busan Social Economy Support Fund (BEF) for social economy enterprises located in Busan until the 9th of next month.

The nine public institutions are the 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, Korea Housing Finance Corporation, and Korea Ocean Business Corporation.

The financial support project is a representative project of BEF and is conducted for social economy enterprises such as social ventures in the Busan area. Based on social value, sustainability, job creation potential, and support feasibility, up to 7 billion KRW will be provided to a total of 45 companies.

Selected companies are classified into the starting stage, startup stage, and expansion stage according to their growth stage. Companies in the starting and startup stages receive non-repayable support of up to 10 to 20 million KRW, and companies in the expansion stage receive interest-free loans of up to 50 million KRW.

This year, an emergency loan section to overcome COVID-19 has been newly established, providing interest-free loans of up to 10 million KRW to eligible companies.

This project has expanded the scale of support and target companies to revitalize the local economy and increase employment, which have been stagnated due to the prolonged COVID-19 pandemic. If companies achieve their second-year employment and social value creation performance goals, incentives such as principal reduction will also be provided.

Applications can be submitted by filling out the designated form and sending it via email by the deadline for each section. Detailed information can be found on the websites of the Korea Social Enterprise Promotion Agency or the Social Enterprise Research Institute.

Moon Sung-yoo, president of KAMCO, the secretariat institution, said, "I hope the activation of the social enterprise ecosystem will lead to job creation and revitalization of the local economy," and added, "We will lead cooperation and innovation so that businesses creating social value can be activated."

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