Samsung Electronics (005930.KS) is launching low-interest loans for financially vulnerable groups as the second project under its pledge to contribute 5 trillion won to society over five years. After boosting domestic demand last month with about 400 billion won in Onnuri gift certificate refund support, the company will now invest 200 billion won to provide inclusive finance for financially vulnerable groups and small business owners. Observers say Samsung's social contribution efforts are moving beyond one-time support toward a sustainable shared-growth program.
Samsung announced on the 16th that it will contribute a total of 200 billion won to the Samsung Misofinance Foundation to expand inclusive finance.
Samsung Electronics is raising the funds jointly with its financial affiliates to support the independence of vulnerable groups and the recovery of small business owners. Samsung Electronics will contribute 150 billion won, while financial affiliates that operate the Samsung Misofinance Foundation—Samsung Life Insurance (032830.KS), Samsung Fire & Marine Insurance (000810.KS), Samsung Card (029780.KS), and Samsung Securities (016360.KS)—will jointly contribute 50 billion won.
This contribution is a follow-up measure to the pledge to contribute 5 trillion won to society over five years, announced by the management after Samsung Electronics' labor and management reached a final agreement on wages and the collective bargaining agreement in May. At the time, Samsung Electronics' management apologized for causing concern to the public, shareholders, and customers during the labor negotiation process, and said, "We will further strengthen our social responsibility so that Samsung's growth and performance can create a virtuous cycle not only for employees but for our society."
The funds raised will be used to support financially vulnerable groups and small business owners with business operating funds, startup funds, and emergency living funds. The loans will be provided without collateral or guarantees, with interest rates operated at a low level of 4.5% or less per year. Samsung expects about 40,000 people to benefit from this support.
Through this inclusive finance program, Samsung plans to go beyond simple consumption support to help those in financial blind spots achieve long-term independence.
Inclusive finance is a financial support method that improves access to finance for ordinary people and vulnerable groups, eases the burden of high interest rates, and helps delinquent borrowers make an economic recovery through measures such as debt restructuring. Through this, the government and companies are promoting financial consumer protection and strengthening the social responsibility of the financial sector.
The Lee Jae-myung administration has also presented strengthening inclusive finance for ordinary people and vulnerable groups as a national policy task, promoting measures such as lowering interest rates on financial products for ordinary people, activating self-directed debt restructuring in the financial sector, and blocking illegal private lending. Samsung is expected to add momentum to the government's inclusive finance policy through this project.
The business community is paying attention to the fact that Samsung is successively implementing, as concrete projects, the measures to strengthen social responsibility that it pledged after the labor dispute that caused social turmoil in May. Analysts say Samsung is connecting its message—to share the fruits of its growth beyond employees and internal operations to the public, local communities, and vulnerable groups—into actual support programs.
A Samsung official said, "Through expanded financial support, we aim to firmly support the economic independence and stable lives of vulnerable groups," adding, "We will continue to practice the value of inclusive finance for the marginalized neighbors of our society going forward."
Samsung is expected to sequentially unveil additional support measures, such as strengthening the ecosystem of its partner companies and nurturing future talent, in accordance with its 5 trillion won social contribution plan.
Meanwhile, Samsung carried out the "Samsung Electronics Thank You Festival, Together with the People," which focused on stimulating consumption and supporting people's livelihoods, as the first project of its social contribution. During the event, held for four weeks starting June 8, Samsung Electronics refunded 20% of product purchase amounts (30% for "K-Heroes" such as military personnel, police, firefighters, and correctional officers) in Onnuri gift certificates.
According to the industry, the initially expected scale of benefits was about 400 billion won, but the actual scale is expected to far exceed this due to high consumer participation. The National Thank You Festival provided benefits to customers who purchased Samsung products while encouraging the revitalization of traditional markets and local commercial districts, contributing to the recovery of domestic demand, according to the company.
