KFCGF Partners with National Credit Union Federation of Korea to Provide Financial Support for Social Solidarity Economic Organizations

Utilizing the 3 Billion Won Contribution from the National Credit Union Federation of Korea as Guarantee Funding

The Korea Federation of Credit Guarantee Foundations (KFCGF) announced on the 28th that it had signed a financial business agreement with the National Credit Union Federation of Korea on the 27th to support the sustainable growth of social solidarity economic organizations.

Through this agreement, the two institutions plan to provide tailored financial support to social solidarity economic organizations that promote social integration, such as by offering social services or creating jobs for vulnerable groups.

The Korea Credit Guarantee Foundation signed a business agreement with the National Credit Union Federation of Korea on the 27th to support the sustainable growth of social solidarity economy organizations. Korea Credit Guarantee Foundation

In accordance with the agreement, the KFCGF and regional credit guarantee foundations will provide special guarantees worth a total of 37.5 billion won to social solidarity economic organizations, using the 3 billion won contributed by the National Credit Union Federation of Korea as guarantee funding. In addition to preferential interest rates, the Ministry of the Interior and Safety and the Korea Social Value and Solidarity Foundation will support interest subsidies to reduce the financial costs for these organizations.

Applications for the special guarantee will be accepted starting September 1 and can be submitted either in person by visiting the local regional credit guarantee foundation office in the area where the business is located, or remotely via the regional credit guarantee foundation’s mobile app ‘Bojeung Dream,’ as well as the ‘Seoul Credit Guarantee Foundation Mobile App’ or the ‘Gyeonggi Credit Guarantee Foundation e-Jiwon.’

Won Youngjun, Chairman of KFCGF, stated, “The strength of social solidarity economic organizations is essential for genuine regional balanced development and coexistence. Both institutions will continue to provide robust, practical financial support in the field through close cooperation.”

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