Progress Report on Smile Microcredit Bank
Smile Microcredit Bank system is the program the Korean government is supporting and closely coordinating with Smile Microcredit Foundation. The program intends to help those people who have viable business plans and who have a will to stand on their own. Smile Microcredit Foundation helps them with consultation and provide financial support. Since December 15th, 27 branches of Smile Microcredit Bank have been established throughout the nation. In terms of applications, precisely speaking, as of February 4th, 15,709 people applied and about 33% of them were qualified. But there seems to be complaint in the market that the program only helped 300 hundred people. In terms of amount, only slightly over KRW 2 billion. To further develop the program, the program will develop and integrate information system to provide faster and enhanced services. And second, by using outsource, the program will train those people and have better qualified assessment. And the program will develop the Korea model to diversify those people who could be applied by this program. Finally, sometime in May or June, Smile Microcredit Bank Foundation will host an international seminar. Please visit http://www.fsc.go.kr/eng/index.jsp for more details.