National Credit Union Federation of Korea to Provide 20 Billion KRW in Financial Support to Social Economy Enterprises in Chungcheongnam-do

Expansion of Financial Support for Five Years Starting in 2025
Up to 2% Interest Subsidy from the Chungcheongnam-do Provincial Government for Up to 36 Months

▲Exterior view of the National Credit Union Federation of Korea
Photo by ShinHyup

The National Credit Union Federation of Korea announced on the 23rd that it had signed a "Business Agreement on the Operation of the Chungcheongnam-do Social Economy Fund" with the Chungcheongnam-do Provincial Government and 10 local credit unions in Chungcheongnam-do on the 6th.

Through this agreement, approximately 20 billion KRW in financial support will be provided to social economy enterprises in the province over a five-year period from 2025 to 2029.

The Chungcheongnam-do Social Economy Fund Operation Project is operated by conducting loan screenings that evaluate both the financial status and social value of social economy enterprises based in Chungcheongnam-do. Companies that receive loans can receive an interest subsidy of 2% from the Chungcheongnam-do Provincial Government for up to 36 months.

This agreement was pursued based on the achievements of the previous agreement, which was implemented from 2020 to 2024. During the previous agreement period, the National Credit Union Federation of Korea and Chungcheongnam-do provided approximately 8.3 billion KRW in support to 120 corporations in the province, and continuously carried out projects for mutual growth and development with the local community, such as fostering local specialized industries through the revitalization of Hansan Mosi and supporting merchants affected by fires at Seocheon Specialized Market.

Woo Ukhyun, Managing Director of the National Credit Union Federation of Korea, stated, "Through the operation of the Chungcheongnam-do Social Economy Fund, we will actively support the establishment and operation of social economy enterprises in the region and do our utmost to strengthen cooperation with cooperatives."

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