Apparently, microfinance in South Korea has failed. The Korea Times, a South Korean daily newspaper, attributes this failure to lack of private donations and government support. The South Korean government established the Social Solidarity Bank (SSB), the nations first non-governmental microfinance institution, in 2002. Since its inception, SSB attracted corporate donations of 3 billion won (USD $3.15 million), in large part from conglomerate Samsung Group and Kookmin Bank. However, The Korea Times believes this was a miniscule amount of money and not enough to allow the bank to operate as a financial institution.
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