Alright, last time, we have looked upon the history of mictocredit loan started in Bangladesh. When it first came to Korea, it was started as a small but powerful organization spurring positive atmosphere among Koreans by adopting its name as “Miso” credit foundation which in Korean represents
In order to keep all Korean smiling, the Miso Credit Foundation (the root institution for microcredit business in Korea ) has promoted five big services for the public;
Supporting running a small business
Helping recovery in individual’s credit rating
Supporting social enterprise
Supporting traditional market
Supporting petty-sum insurance
1. Supporting running a small business
Supporting inauguration of an enterprise greatly helps low income level class to start to run a business by which giving 20,000,000 Korean Won. This loan should be paid back for four years and the yearly interest rate is 2 to 6 percent which is relatively low compared with average 9 percent of interest rates usually put on people in good credit rating.
By lending money to those who most like have had an experience of bankrupt and cannot make a loan from banks because of their past trace can borrow money for their new start in business.
To get more ideas about this foundation, the Fin-pol reporters visited the institution and could grasp important concepts of each sector that are being progressed.
Hwang Yui-soon, the chair person in Happy World Welfare Foundation which was chosen as a recipient of this project said that most of 26 selected persons run their business so good that they are paying the loan gradually without any failure at the foreign press meeting on September 29. He also added that the most important criteria to select recipients are on their firm determination for the success.
During the presentation given by the foundation, it was a hot potato whether the people can actually pay all the loans back. If not, the country as well as the foundation would fall back in its economy situation.
In next article is explaing the rest four sectors. Let’s keep an eye on this just expanded and ambitious foundation throughout the next article. 🙂