Saemaul Geumgo Central Association will provide a total of 37.5 billion won in financial support to social solidarity economy organizations, including social enterprises and cooperatives.
On August 27, Saemaul Geumgo Central Association announced that it signed a business agreement with the Ministry of the Interior and Safety, the Korea Credit Guarantee Fund, and the Korea Social Value Fund for the 'MG Cooperation Special Guarantee for Social Solidarity Economy Organizations' on August 28.
The targeted organizations for this support include social enterprises, cooperatives, self-sustaining enterprises, and village enterprises. This agreement aims to enhance financial accessibility for these organizations and reduce their funding burdens.
Under the agreement, Saemaul Geumgo Central Association will contribute 3 billion won. The Korea Credit Guarantee Fund will use this as a resource to provide special guarantees exclusively for social solidarity economy organizations through 17 regional credit guarantee foundations nationwide.
Saemaul Geumgo will support loans totaling 37.5 billion won to social solidarity economy organizations that receive guarantee certificates from regional credit guarantee foundations. Additionally, the government and the Korea Social Value Fund will be linked to lower the interest burden on these loans.
Kim In, the president of Saemaul Geumgo Central Association, stated, “Supporting the stable growth of social solidarity economy organizations and revitalizing the local economy is an important role of Saemaul Geumgo. We will continue to expand community-based finance in cooperation with relevant institutions.”
* This article has been translated by AI.
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