MG Community Credit Cooperatives is expanding its community contribution programs as part of efforts to grow alongside the regions it serves. Spending reached 195.3 billion won ($141 million) in the first half of this year, putting the full-year total on track to surpass the 257.8 billion won recorded last year.
The cooperative said on the 26th that it provided a combined 195.3 billion won for community contribution projects in the first half. By category, 81.6 billion won went to cultural, welfare and social service programs including support for vulnerable groups; 89.1 billion won to community development projects covering disaster response and regional economic revitalization; 8.3 billion won to member education programs such as scholarships and financial literacy training; and 16.3 billion won to donations and contributions to policy funds.
Separately, the Korean Federation of Community Credit Cooperatives provided 17.4 billion won for social contribution projects, including interest subsidies aimed at addressing the low birth rate and a senior financial instructor program. "As a financial cooperative that grows together with local communities, we will expand a range of activities that residents can feel directly," a federation official said.
The federation also moved to support the cities of Geoje and Tongyeong in South Gyeongsang Province, which were recently hit by torrential rain. Working with the Korean Red Cross, it delivered 160 million won in cash donations along with relief supplies such as bottled water, and dispatched a volunteer group of employees to the affected areas. The donations and supplies will be used to help residents with living expenses and to fund local recovery efforts.
The volunteer group visited flooded apartment complexes in Geoje, removing mud and draining water from underground parking garages to help residents return to their daily routines as quickly as possible. The federation is also offering financial assistance to household, small business and small- and mid-sized enterprise customers who submit disaster damage certificates by the 19th of next month, including loan maturity extensions of up to one year, deferrals of principal and interest payments for up to six months, and emergency loans of up to 10 million won.
The expansion of community programs is seen as reflecting the principles of local engagement and stronger social responsibility championed by Kim In, chairman of the Korean Federation of Community Credit Cooperatives. Since taking office, Kim has identified restoring customer trust in the organization as the top priority. To that end, the chairman has said the federation will strengthen its role in local communities by expanding both its digital platforms and its community contribution programs.
