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Samsung Expands Microfinance in South Korea
Samsung Group has announced it has doubled its target for microcredit loans to 60 billion won (US$51.2 million) this year, in a bid to invigorate the state-led program for the poor. The announcement comes as big businesses are under mounting calls to help the working class and smaller firms, make investments and create jobs.
Samsung targets 60 billion won (US$51 million) in microcredit loans in 2010, from its previously planned 30 billion won (US$25.5 million), by front-loading its planned spending for next year. The conglomerate earlier said that six of its affiliates including Samsung Electronics and Samsung Life, plan to commit 30 billion won (US$25.5 million) every year over the next 10 years for the microcredit program.
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Posted: 10 Aug 2010
Source: The Korean Herald
Originally Published: 10 Aug 2010
Related Links:
South Korea: 'Smile' Microcredit Gives Few Smiles to Needy
Sunshine Loans Launched to Help the Poor
South Korea Eases Microcredit Conditions
South Korea: Can Microcredit Bank Make Profit?
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