‘2023 Busan-style Long-term Safe Store’ Recruitment ... Until June 30

Reducing Rent Burden and Creating a Stable Business Environment for Tenant Small Business Owners

Applications Accepted on Small Business Comprehensive Support Center Website from 15th to June 30th

5-Year Rent Freeze Agreement and Up to 15 Mi

Busan City and the Busan Economic Promotion Agency are publicly recruiting applicants for the ‘2023 Busan-type Long-term Safe Store Support Project’ from the 15th to June 30th to reduce the rent burden on tenant small business owners and create a stable business environment over the long term.

Busan-style Long-term Safe Store Recruitment Poster.

The ‘Long-term Safe Store Support Project’ is a program that provides incentives to store landlords in Busan who have signed a win-win agreement with tenants, including rent stabilization for over 5 years, in commercial buildings located in Busan.

Since 2018, Busan City has been promoting the ‘Long-term Safe Store Support Project’ to alleviate the rent burden on tenants struggling with rapid rent increases and to support a stable business environment over the long term. So far, a total of 24 locations have been selected as ‘Busan-type Long-term Safe Stores.’

This year, the target for the ‘Busan-type Long-term Safe Store’ support are store landlords who, through a public selection process, commit to a win-win agreement with tenant small business owners to freeze (including reduction) rent for 5 years and refrain from rent increases.

For the finally selected store landlords, benefits such as incentives of up to 15 million KRW to partially cover the difference caused by the 5-year rent freeze and the attachment of a Long-term Safe Store plaque will be provided.

Store landlords wishing to apply can do so online through the Busan Small Business Comprehensive Support Center website from the 15th to June 30th.

For the applying stores, about 30 ‘Busan-type Long-term Safe Stores’ will be selected through a first round of expert review (document and on-site verification) and a second round of selection committee (Busan City Long-term Safe Store Committee).

Additionally, participation in the project is actively encouraged for store landlords in areas with a high possibility of rent increase, such as those affected by displacement (gentrification, including expected areas) and commercial districts, by awarding extra points.

For more details, please refer to the announcements from the Busan Small Business Comprehensive Support Center and the Busan Economic Promotion Agency. Inquiries can be directed to the Busan Small Business Comprehensive Support Center.

Shin Chang-ho, Director of the Digital Economy Innovation Office of Busan City, stated, “We hope that the Busan-type Long-term Safe Store Support Project will help small business owners reduce their rent burden even a little and conduct stable business activities,” and added, “In these difficult economic times, we ask for the interest and participation of store landlords to promote coexistence between landlords and tenants and to protect local commercial districts.”

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