Transparency Reports
Every loan, every repayment, every won — published openly. Here is the full operational record of the artist mutual aid fund.
Last updated: 2026-03-01
Annual Reports
2023 Artist Mutual Aid Loan Report
First-year results: 129 loans totaling KRW 294 million, with emergency funds accounting for 56% of cases.
129
Total loans
KRW 294M
Amount deployed
2.64%
Subrogation rate
Rate: 3.0–5.5% p.a.
Download PDF2024 Artist Mutual Aid Loan Report
305 loans, KRW 609 million deployed. A 50.5% full repayment rate confirms the fund cycle is maturing.
305
Total loans
KRW 609M
Amount deployed
50.5%
Full repayment rate
Rate: 3.0–5.5% p.a.
Download PDF2025 Artist Financial Crisis Report
354 loans, ~KRW 700M cumulative. 95% repayment rate. Structural data reveals 84.9% primary bank exclusion.
354
Cumulative loans
~KRW 700M
Total deployed
95%
Repayment rate
Rate: 3.0–5.5% p.a.
Download PDFYear-on-Year Growth
Loan volume has grown each year since inception in December 2022, while maintaining a stable repayment rate.
| Year | Loans | Amount | Repayment | Subrogation |
|---|---|---|---|---|
| 2023 | 129 loans | KRW 294M | ~97% | 2.64% (5 cases) |
| 2024 | 305 loans | KRW 609M | 50.5% full repayment | 5.1% (20 cases) |
| 2025 | 354 (cumulative) | ~KRW 700M (cumulative) | 95% | 5.10% |
* 2025 figures are cumulative totals from program inception (Dec 2022).
Borrower Distribution
Based on the 2024 operation report — loan utilization by artistic field.
35.4%
Theater / Film
30.2%
Music
23.6%
Visual Arts
7.2%
Literature
Cumulative Impact
354
Total loans issued
~KRW 700M
Total support deployed
95%
Repayment rate
~KRW 140M
Interest saved vs. market rate
Reports are published annually and independently.
Korea Smart Cooperative discloses all operational data — loans issued, repayments, and subrogation — to members and supporters through annual transparency reports. Download the PDFs above to verify for yourself.
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Deeper Reading
Understand the Mutual-Aid Mechanics Deeper
Behind the Bank's Closed Door — How the SAF Mutual Aid Fund Works
Inside the door the bank closed — tracing the SAF mutual-aid fund's five stages, grounded in the 2025 Artist Financial Crisis Report and three years of operating data.
Apr 20, 2026 · Seed Art Festival
What a 95% Repayment Rate Means — How SAF Differs from a Bank
The SAF mutual-aid fund has issued 354 loans at a fixed 5% annual rate without credit checks — and 95% repay. What mechanism allows 95% repayment on unchecked loans? A deep look through comparison with retail banks, Grameen, KSK, Kiva, and the scaling limits.
Apr 22, 2026 · Seed Art Festival
From ₩34 Million to ₩700 Million: Three Years of SAF Mutual Aid
The ₩34 million raised at the first Insadong exhibition in 2023 was the seed. Three years later: 354 loans, ~₩700 million deployed, 95% repayment. The numbers say one clear thing — artists pay back their debts.
Apr 7, 2026 · Seed Art Festival
Bank Default Rates vs Mutual Aid: Two Definitions of Credit
Banks: 0.5%. Savings banks: 5%. Loan sharks: 10%. Mutual aid: 5%. Stacking four tiers side by side reveals two rival definitions of credit.
May 30, 2026 · Seed Art FestivalRelated trust hubs