Nine Organizations Including Busan Urban Corporation Deliver Funds for Local Economic Revitalization and Job Creation

11.7 Billion Won Delivered to Busan Economic Vitalization Support Fund (BEF)

Supporting Sustainable Growth of Social Economy Enterprises, SMEs, and Venture Companies

Busan Urban Corporation and eight other public institutions in Busan have once again joined forces to revitalize the local economy, support the sustainable growth of social economy enterprises and small and venture businesses, and promote the spread of ESG management.

On the 20th, nine institutions including Busan Urban Corporation (BMC, President Kim Yonghak) delivered 1.17 billion KRW from the Busan Economic Revitalization Support Fund (Busan ESG Fund) to the entrusted management organizations, the Social Innovation Research Institute and the Busan Center for Creative Economy and Innovation, at the Busan International Finance Center (BIFC).

The participating institutions are Busan Urban Corporation, Korea Southern Power, Korea Technology Finance Corporation, Busan Port Authority, Housing and Urban Guarantee Corporation, Korea Securities Depository, Korea Asset Management Corporation, Korea Housing Finance Corporation, and Korea Ocean Business Corporation.

Since 2018, the joint fund BEF, established by the nine Busan-based institutions to revitalize the local economy and promote ESG management, has reached a cumulative total of 7.51 billion KRW with this latest delivery ceremony.

Last year, support was expanded not only to social economy enterprises but also to small and venture businesses, resulting in remarkable achievements such as a 8.2 billion KRW increase in sales for 30 supported companies, the creation of 51 new jobs, attracting 5 billion KRW in investments, and the relocation of five out-of-region companies to Busan.

This year, in the field of social value, 630 million KRW will be provided to 23 selected companies for programs such as corporate social performance reward programs, support for social startups and fostering social entrepreneurs, projects linking public institution resources, and support for employment and entrepreneurship for self-reliant youth.

In the field of industrial and private sector innovation growth, 290 million KRW in commercialization costs will be provided through voucher projects and accelerating programs to local SMEs and startups practicing ESG management.

Notably, this year will see the full-scale implementation of new support projects to help social enterprises and startups participate in overseas exhibitions and discover local buyers and investors, thereby supporting their overseas expansion.

In addition, to develop solutions for local issues such as youth population outflow and preventing loneliness among single-person households, collaboration with the private sector, including SK E&S, Underdogs, and Starbucks, will be strengthened to develop 'Busan-style social services.'

Kim Yonghak, President of Busan Urban Corporation, emphasized, "BEF is a meaningful project where public institutions in Busan collaborate to serve as a catalyst for economic revitalization and the spread of ESG management," and added, "Busan Urban Corporation will fulfill its social and economic responsibilities for the sustainable growth of the Busan region."

Busan Urban Corporation and eight other organizations hold the "2024 BEF Fund Transfer Ceremony."

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