Despite difficulties in overseas exchanges due to COVID-19, MG Community Credit Cooperatives (MG) is continuing its international cooperation projects.
The characteristics of MG’s overseas spread are the formation of savings habits and the formation of basic assets for local communities through the MG model.
Starting with Myanmar in 2016, community credit cooperatives have been established in Uganda and Laos. In particular, the role of community credit cooperatives is attracting a lot of attention as it recently obtained permission to establish a permanent corporation from the Uganda government.
A KFCC official said, “MG’s various social contribution activities to overcome the COVID-19 crisis are attracting attention. In 2020, we delivered 1.1 billion won in donations to overcome COVID-19 and implemented ‘Corona Emergency Finance’ for the self-employed who are having difficulties due to social distancing.
“In addition, while collecting 540 million won for the victims of torrential downpours, we produced and supported the 'MG Hope House' for temporary residence of the victims.”
Keen interest in ESG management
MG Community Credit Cooperatives is also showing interest in ESG management, which has recently received attention.
The most representative example is support for social economy enterprises. Social economy enterprises refer to companies and organizations that aim to realize community benefits and social values.
Since 2018, MG has been systematically supporting social enterprises under the name of ‘MG Hope Sharing Social Growth Support Project’.
So far, it has provided 2.3 billion won to a total of 51 companies, and plans to provide 1 billion won to 25 companies this year.
In addition, under the catchphrase of ‘Make Green Community Credit Cooperatives’, MG plans to carry out various activities to prepare the foundation for sustainable management while responding to government policies for green economy transformation such as eco-friendliness and low carbon.
Since last January, as part of the “Make Green Community Credit Cooperatives” campaign, MG is pushing for the “office personal cup use campaign.”
Employees of MG and community credit cooperatives are using personal cups in the office to reduce the use of disposable products.
Youth Support Project
MG’s most actively promoted project in recent years is the youth support project.
A representative example is 'Job Ara', a youth employment camp that celebrates its 4th year this year.
Job Ara’ is a youth job support project that has been in progress since 2018 and is helping participants prepare for employment by providing a variety of employment support programs tailored to the changing trends.
The 4th program, which was held at the end of August, consists of a special lecture for the hiring manager of community credit cooperatives, strategies for preparing for the document screening and interview screening, and a mock interview.
In particular, through non-face-to-face mock interviews and a curriculum that reflects changes in the rapidly changing recruitment market due to COVID-19, such as AI interviews and ad hoc hiring, MG plans to provide the necessary employment competency strengthening education for young people who are about to find a job in the post-corona era.
Start-up supporting program
There are programs that support “start-up”. This year, MG supports young entrepreneurs who are preparing to start up social enterprises in the eco-friendly field through the 'Youth Green Startup Camp' to solve social problems and revitalize the local economy by discovering promising start-up ideas in the eco-friendly field as well as resolving the unemployment crisis..
Ten teams selected through the first screening participated in the 3 days 2 nights camp held in May and completed programs such as environmental and social innovation reinforcement training and business model reinforcement workshop.
It was given the benefit of being selected first as the starter track of the 4th 'Social Growth Support Project', a support project for fostering social economy organizations of the MG.
If they are selected for the 4th social growth support project, they can receive business funds and customized growth support for each business stage for the next two years.
The 'MG Hope Sharing Youth Housing Scholarship Support Project', which supports housing expenses for young people who have difficulties in self-reliance, is also receiving a good response.
This project, hosted by the MG Community Credit Cooperatives Foundation, is being implemented to provide housing stability and self-development opportunities to young people in need by providing housing expenses.
In 2021, 100 people selected through the recruitment process from April to May are provided with monthly rent of up to 250,000 won per person for six months from June to November, and non-face-to-face volunteer activities are supported.
An official from MG said, “The secret to community credit cooperatives’ growth is its steady and active social contribution activities.”