Helping You Navigate the Headache of Closure... Busan Expands Small Business Closure Support Program

Support for Busan Small Business Owners and Self-Employed Using Saechulbal Fund
Financial Assistance Expanded from 100 to 130 Businesses with 100 Million Won in Funding

"We help you navigate the headache of closing your business." The city of Busan is expanding its support program to reduce the burden on local small business owners facing closure.

On August 18, the city announced that it will increase the number of businesses eligible for demolition and restoration cost support under the "2025 Small Business Closure Support Program" from the current 100 to 130 companies this year.

This initiative is a follow-up measure after Busan City and the Saechulbal Fund signed a business agreement in April last year to "strengthen support for small businesses." The program aims to respond to the rising number of business closures caused by the local economic downturn and population outflow. The Saechulbal Fund will allocate a total of 100 million won to provide business closure consultations and support for demolition and restoration costs.

The support includes: ▲ business closure consultations ▲ financial assistance for closure-related costs. The program offers free guidance on all closure procedures, including tax and legal consultations. For demolition and restoration costs, the program provides 200,000 won per pyeong, up to a maximum of 4 million won.

Last year, Busan City and the Saechulbal Fund provided health check-up subsidies worth 250,000 won per person to local small business owners through the "Small Business Happiness and Welfare Support Program." This year, the city plans to expand the closure support program to help even more small business owners make a fresh start.

Kim Bongcheol, Director of the Digital Economy Bureau of Busan City, said, "I would like to thank the Saechulbal Fund and Korea Asset Management Corporation for their generous support in helping small business owners recover in these challenging business conditions." He added, "I am glad that we are able to assist even one more small business owner considering closure, and we will continue to seek out diverse forms of collaborative projects."

Busan City Hall.

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