'Re-startup and Business Conversion', Up to 10 Million KRW Support for Re-emerging Small Business Commercialization

Support for Commercialization of Hope Return Package: First Application Period from April 1 to 16

[Asia Economy Reporter Kim Jong-hwa] The Ministry of SMEs and Startups announced on the 28th that it will accept applications from small business owners who wish to participate in the '2021 Hope Return Package Support (Industry Conversion and Re-startup Commercialization Support)' program from the 1st to the 16th of next month to help small business owners recover.

If selected for the 'Hope Return Package Support' program, small business owners aiming for industry conversion and re-startup will receive up to 10 million KRW in government funding, covering 50% of the costs incurred for developing specialized items, marketing, and other expenses.

In response to environmental changes such as the transition to a non-face-to-face economy, the program focuses on supporting improvements in business methods like online and delivery sales and meal kit manufacturing for small business owners. Additionally, expert consultations in management, marketing, taxation, and labor will be provided free of charge to facilitate smooth re-challenges for selected small business owners.

The first announcement will select 450 participants for the 'Demand-tailored Program,' which supports product improvement and online sales channels, and 150 participants for the 'Private Shared Kitchen Incubating' program, which offers reduced initial investment costs such as equipment and rent and expert advice on menu and brand development for small business owners re-challenging in the restaurant industry.

Meanwhile, the Shinhan Financial Hope Foundation plans to support 100 small business owners who apply for the industry conversion and re-startup commercialization support, receive or are scheduled to receive employment stability funds from the Ministry of Employment and Labor, and participate in ESG (Environmental, Social, and Governance) management or practice activities, by providing up to 1 million KRW monthly for rent and 2 million KRW for improvement costs over six months.

The 100 participants engaged in eco-friendly management (practice activities) will be selected based on the Shinhan Financial Hope Foundation's screening criteria, and it is possible to apply simultaneously for the Ministry of SMEs and Startups' industry conversion and re-startup commercialization support.

Park Chi-hyung, Director of Small Business Policy at the Ministry of SMEs and Startups, said, "We hope that the newly established commercialization support this year will alleviate the management burden of small business owners and serve as an opportunity for swift recovery," adding, "The Ministry of SMEs and Startups will continue to strive to discover policies necessary for small business owners seeking to restart."

For more detailed information, please refer to the announcements of the Hope Return Package and the Small Enterprise and Market Service. Small business owners wishing to participate must complete the industry conversion and re-startup training operated by the Ministry of SMEs and Startups by the application deadline on the 16th and then apply online through the Hope Return Package website. The second announcement is scheduled for June.

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