MOU for fostering Gyeongnam province social finance (22nd Jun 2021)

The SVS Foundation signed an MOU with various social finance intermediary organizations, labour unions based in Kyungnam province and financial sector labour union fund (Finance & service ubuntu fund) to foster a regional social finance ecosystem. 

Through the MOU, four signing organizations will 1) acknowledge that the social economy is rooted in respect to labour and people 2) ensure that social finance will support the social economy to be strongly rooted in above-mentioned values 3) expand cooperation between labour unions and social finance 4) exchange information and training for mutual understanding between labour and the social economy sector.  

: Related SVS portfolio :: 

Investment in the establishment of Gyeongnam Social Value Finance and Loans 

SVS has invested in the establishment of Gyeongnam Social Value Finance and Loans in an effort to foster new or early stage local SFIs. Gyeongnam Social Value Finance and Loans is a social finance intermediary in which SEOs and intermediary support organizations in Gyeongnam province participated as shareholders, and was established in December 2019 to contribute to the expansion and growth of local SEEs. 

Impact

SVS has supported the establishment of a specialized institution for social finance launched by cooperating SEOs in the Gyeongnam region, and contributes to the sustainable growth of SEEs there by improving their financial access. This is the first example of SVS supporting the establishment of a regional-based SFI. In addition to the financial support, SVS has provided a foundation for its stable establishment and growth by supporting the introduction of a loan management system for SFIs. Gyeongnam Social Value Finance and Loans has designed social financial products based on the local needs of the region and has launched its loan business for SEEs in Gyeongnam (First Step 2020 Loan).

Type : Investment 

SVS commitment : KRW 10 million

Total commitment : KRW 51 million