Busan City Supports Closed Small Business Owners with Restoration Assistance... Up to 2.5 Million KRW

Busan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Duyul] Busan City will recruit small business owners in the Busan area to participate in the ‘2022 Business Closure Assistance Support Project,’ which helps small business owners with business closure (planned), reemployment, and re-startups, starting from the 27th.

The target is small business owners with business locations within Busan City who have closed (or plan to close) their businesses. This year’s total project budget is 200 million KRW, supporting a total of 117 cases including ▲30 cases of business closure support ▲45 cases of employment encouragement ▲42 cases of re-startups.

For business owners who have closed, support is only available if the closure report was filed within 5 months from the application date.

Until last year, 69 small business owners in the Busan area successfully completed their business closures stably through the Business Closure Assistance Support Project.

The city supports ‘business closure consulting’ and ‘business site restoration costs’ up to 2.5 million KRW per company for stable business closure.

Programs for reemployment and re-startups to encourage new challenges after business closure are also being promoted.

Busan City plans to support reemployment linked with the employment programs of the Job Comprehensive Center and assist re-startups through comprehensive consulting such as small business management consulting.

The city plans to encourage reemployment and re-startups with incentives such as providing 500,000 KRW employment encouragement funds to those who complete all employment training at the Job Comprehensive Center and supporting up to 500,000 KRW monthly rent for up to 3 months to companies wishing to restart their business.

This year, the restoration cost, which was up to 1 million KRW per company last year, has been increased to a maximum of 2.5 million KRW, expected to provide practical help to local small business owners suffering double burdens from business closure and related costs.

Applications will be accepted on a first-come, first-served basis starting from the 27th, and application forms and documents can be submitted via email.

Results will be individually notified to the contact information provided at the time of application after reviewing eligibility requirements.

Kim Hyo-kyung, Director of the Civil and Labor Policy Office of Busan City, said, “We will continue to do our best to overcome difficult times together and create a Busan that smiles with small business owners.”

For inquiries, please refer to the recruitment announcement on the Busan Small Business Comprehensive Support Center or Busan Economic Promotion Agency websites, or contact the Small Business Comprehensive Support Center of the Busan Economic Promotion Agency.

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