Saemaul Geumgo is expanding its role as a "local coexistence platform" that connects youth entrepreneurship with community revitalization, going beyond simple financial support. Leveraging its strengths as a community-based financial institution, it is creating a virtuous cycle in the local economy through funding and community connections.
A prime example is the youth startup Green Elephant in Hongseong, South Chungcheong Province. Green Elephant produces meal kits using eco-friendly agricultural products contracted from over 30 local farms and delivers them in the early morning to the Hongseong area. Founded by Kim Man-i, the startup connects local agricultural products with consumers and young people.
In its early stages, Green Elephant received 50 million won in funding from Hongju Saemaul Geumgo to establish its business. It later secured an additional 40 million won through the Saemaul Geumgo Central Association's Youth Local Support Project. The support extended beyond funding; Hongju Saemaul Geumgo also promoted and sold Green Elephant's products at its general meetings and member events.
This collaboration has led to the revitalization of Hongseong's downtown area. The "Mujeong Market," a local commercial revitalization project, has been held nine times on Honggotong Street, attracting about 1,700 visitors. This initiative has transformed what was once a declining cultural and commercial center in Hongseong into a vibrant gathering place.
The case of Green Elephant illustrates how local production, consumers, and finance can be interconnected in a virtuous cycle. Analysts suggest that local financial institutions are playing a platform role that goes beyond simple lending to connect entrepreneurship, distribution, and youth communities.
The Hongseong MG Cooperation Center, established based on the private startup incubation facility Jelly's Lounge, is a notable example. This space has hosted 96 meetings for local creators, fostering collaboration among young residents.
The MG Cooperation Center project is an initiative by the Saemaul Geumgo Central Association, in collaboration with the Ministry of the Interior and Safety and the Together Foundation, aimed at addressing local issues such as urban decline, agricultural overproduction, and youth isolation through youth entrepreneurship and community-based projects since 2024.
The Saemaul Geumgo Central Association plans to expand its collaboration with youth village enterprises this year, selecting over 20 organizations to implement cooperative projects worth approximately 2 billion won. A representative from the Saemaul Geumgo Central Association stated, "We plan to actively promote community development through continuous cooperation with social solidarity economy enterprises."
* This article has been translated by AI.
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