NewsArtJune 28, 2023
NewsArt · Original Korean article
This article body is currently available in Korean. Open the source to read the original coverage.
Read moreA curated collection of articles and interviews covering the SAF campaign.
Through field interviews and data-driven reporting,
see why artist financial exclusion requires mutual-aid finance.
Artists rejected by primary banks are pushed toward high-interest loans. Interviewees described frozen accounts, aggressive debt collection calls, and long repayment periods that far exceeded original debt.
The financial blind spot faced by artists is a structural threat to cultural sustainability. The article calls for active cooperation between financial institutions, arts organizations, and public policy actors.
Repayment outcomes remain notable: the subrogation rate stays at
Many artists unable to pass bank screening are pushed to high-interest lenders, with 48.6% of respondents reporting loans at annual rates of 15% or higher.
Debt pressure eventually breaks creative foundations. Among artists who experienced debt collection, 88.3% reported serious disruption or suspension of creative work.
Artists across visual art, music, photography, and dance joined to expand loan funds. The campaign grew rapidly by word of mouth and became one of the largest post-pandemic artist solidarity events.
Irregular income often lowers credit scores, making bank loans difficult to access. The article warns of a vicious cycle where high-interest borrowing makes re-entry to formal finance even harder.
Sustained relationship-based finance made bold progress possible. The report frames the KRW 700M milestone as evidence that artists are rebuilding financial sovereignty together.
