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| Korea Securities Depository (KSD) CEO Lee Byung-rhae |
Under the initiative, the KSD has organized various programs to help the underprivileged find meaningful employment.
Since the KSD launched a job creation task force in October 2017, it has mostly offered more financing opportunities to SMEs which would hire more people with improved operating funds.
"We will continue our efforts to find ways to share our achievements and success with the public, a duty and a requirement we are happy to fulfill as a state-run organization," a KSD official said.
The state-run organization has set up 1.79 billion won ($1.5 million) in special funds to support businesses in Busan. It plans to increase the amount to 5 billion won by 2022.
The eight participating Busan-based state-run organizations are KSD, Korea Technology Finance Corporation (KIBO), Busan Metropolitan Corporation, Busan Port Authority, Korea Housing & Urban Guarantee Corp., Korea Southern Power, Korea Housing Finance Corp. and Korea Asset Management Corp.
Of the fund, a combined 520 million won in interest-free or low-interest loans was given to 28 small and medium-sized enterprises (SMEs) with sustainable business models that enrich the sense of community and sharing.
Twenty-four firms will be eligible to apply for some 600 million such loans earmarked for 2020.
Thirteen consultations were organized to help 11 businesses with human resources management, labor issues and accounting.
The KSD is also helping budding firms secure global investors via crowdfunding for improved overseas presence.
Crowdfunding is the process of raising small amounts of money from a large number of people online for a certain project or venture.
Of 10 such firms that attended the 2019 Our Crowd Global Investor Summit held from March 3 to 7 in Jerusalem, Israel, five have landed investors. The names of the companies and the nationality of the investors cannot be disclosed, the KSD said.
