Busan City Supports 'Good Stores' and 'Safe Stores'

COVID-19 Support for Small Business Owners to Create Stable Operating Environment
Up to 2 Million KRW for Commercial Property Owners Who Reduce Rent by Over 30% in the First Half
Up to 2 Million KRW Incentive for 5-Year Rent Freeze Mutual Agreement

Busan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] Busan City is launching a commercial rent support project to alleviate the difficulties faced by small business owners struggling due to the impact of COVID-19.

The city announced on the 24th that starting from September 7, it will provide incentives to commercial building owners who voluntarily reduce their rent in cooperation with the Busan Economic Promotion Agency, and will publicly recruit candidates for the "Busan-type Long-term Safe Commercial Support Project."

Until now, Busan City has supported remodeling costs for commercial spaces through the "Busan-type Long-term Safe Commercial Support Project" since 2018 to create a stable business environment for small business owners over the long term.

This year, support is divided into ▲Good Commercial Type and ▲Safe Commercial Type. Any commercial building owner in Busan City can participate in the project by signing a win-win agreement.

▲The Good Commercial Type is available to commercial building owners located in Busan City who reduced monthly rent by more than 30% in the first half of the year for tenants struggling due to COVID-19.

This year, 50% of the property tax (building portion main tax) and the smaller amount between the rent reduction amount will be supported up to a maximum of 2 million KRW. The first round of support was provided in the first half of the year, but due to the small number of beneficiaries, additional support will be provided this time.

▲The Safe Commercial Type is a project to create a long-term stable business environment for small-scale small business owners. Among commercial building owners located in Busan City, those who sign a win-win agreement to freeze commercial rent for 5 years or more can apply. Up to 2 million KRW will be supported, covering the full amount of this year’s property tax (building portion).

Lee Yoon-jae, Director of the Livelihood and Labor Policy Bureau of Busan City, said, “This year, through the Busan-type Long-term Safe Commercial Creation and Support Project, we can provide an environment where commercial building owners and tenants can cooperate with peace of mind by supporting property tax on commercial buildings.”

For more details, visit the Busan Economic Promotion Agency website by ‘clicking’ or contact the Small Business Support Team.

This content was produced with the assistance of AI translation services.