Samsung expands microfinance

Samsung Group, Korea’s top conglomerate, on Tuesday said it has doubled its target for microcredit loans to 60 billion won ($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 in microcredit loans this year, from its previously planned 30 billion won, by frontloading 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 every year over the next 10 years for the microcredit program.

“Samsung plans to push for measures to invigorate Smile microfinance and to expand loans for the working class,” Lee Soon-dong, president of Samsung Smile Microcredit Bank, said at a press briefing on Tuesday.