HF Leads in Supporting Social Enterprises in Busan

- It delivers a donation to BEF

Korea Housing Finance Corporation (HF, CEO Choi Joon-Woo) stated on the 14th that as part of its efforts to revitalize the local economy and support local social enterprises*, it held a ceremony to sign an MOU for the Management of 4th Busan Embracement Fund for Social Economic Development (BEF) at Busan International Finance Center and delivered a KRW 130 million donation. <See the image below.> 

 * Social enterprises have both for-profit and nonprofit features combined under a single business entity, seeking to accomplish specific social goals, including social services for the underprivileged, while also generating profits. They reinvest at least two-thirds of profits to further their social goals.

For the five-year period from 2018, the nine public corporations based in the Busan metropolitan area will raise about KRW 5 billion in their joint fund managed by the Research Institute for Social Enterprises**. The fund will be used to provide Busan-based social enterprises with ▲ financial assistance, ▲ crowdfunding investment matching, ▲ management consulting services, ▲ networking support, and ▲ talent cultivation support. 

 ** Established in 2006 to promote and encourage social enterprises, this public-interest research institute runs projects to support social enterprises and cooperatives as well as a small business collaboration academy. 

From 2018 until last year, BEF provided 64 social enterprises with KRW 1.78 billion in financial assistance to promote their sustainable management, helping them create 124 new jobs and KRW 2.9 billion in revenue. 

HF CEO Choi said, “HF will continue to make our best efforts to develop the local economy and create new jobs, fulfilling our social responsibility as a public corporation.”