A Korean nonprofit organization that provides interest-free microloans to financially vulnerable populations has formed an advisory board to expand its operations.
People Living Together, a registered nonprofit, announced Monday that it held an inaugural meeting and presented letters of appointment to advisory board members at Daeheung-dong Community Center in Mapo-gu, Seoul, on Nov. 27.
The advisory board is chaired by Ko Dong-won, professor emeritus at Sungkyunkwan University Law School, with Yeon Kyu-hong, former president of Hanshin University, serving as vice chair. The 24-member board also includes Lee Sang-oh, professor emeritus at Yonsei University Graduate School of Education; Chung Ji-yong, professor at Duksung Women's University College of Business; and Kim Ja-bong, senior researcher at Korea Institute of Finance.
The organization initially offers interest-free loans of 100,000 won ($75). Borrowers who build a repayment history can access up to 3 million won for one year. Over its 15-year history, the nonprofit has extended approximately 4.4 billion won in loans to some 10,000 borrowers.