Woori Bank said on Jan. 28 it announced companies selected for the 2025 Woori Impact Challenge contest, which it promoted with the Korea Social Enterprise Promotion Agency, to revitalise the social economy ecosystem and support vulnerable groups. It said it delivered total funding of 130 million won.

The Woori Impact Challenge contest is a corporate social contribution programme to find and foster promising firms that create social value. The latest call targeted (preliminary) social enterprises, cooperatives, village enterprises, self-reliance enterprises and social ventures that have been established for more than 2 years and pursue social purposes such as providing services for vulnerable groups and creating jobs.

The Korea Social Enterprise Promotion Agency and the Social Economy Activation Support Center, which conducted the screening, said they evaluated factors including the creation of social value and the feasibility of sustained execution. They selected 10 companies as final recipients, including agricultural corporation Cheonwoodang (agricultural product processing and manufacturing), Badayanolja Cooperative (marine environment cleanup activities) and Newxpeer (an education platform for young people in vulnerable groups).

The selected firms are expected to contribute to solving locally based social problems, including agri-food, tourism, care, the environment and employment for people with disabilities, with up to 20 million won in support from Woori Bank.

Cha Jae-beom (차재범), deputy head of Woori Bank's ESG Mutual Growth Finance Department, said, "I hope this support programme will help social economy enterprises secure a stable foundation for growth and expand services supporting vulnerable groups in local communities." He said, "With sincere financial support, we will raise the completeness of inclusive finance and fulfil finance's social responsibility."