“[Financial News] The city of Busan announced on the 7th that it will fully implement the ‘Small Business Management Improvement Total Package Support Project’ to support the prevention of closures and the normalization of operations for 470,000 small business owners in Busan.
This project aims to support small business owners who hope to make a comeback amidst difficult business conditions, such as the recent decline in self-employed individuals and a surge in closures, by securing a budget of 1 billion won.
Selected small business owners can receive up to 4 million won in support, which includes business funds (up to 3 million won) needed for management improvements like renovation, environment improvement, and marketing, as well as a reduction in guarantee fees (up to 1 million won) incurred when loans are executed.
The support package consists of 1-on-1 customized consulting, management improvement education, business fund support, and a financial cost support program.
Eligible applicants are small business owners in Busan in crisis management without reasons for disqualification from credit guarantees. They can choose one of three types: sales reduction, debt normalization, or business re-establishment, to apply for.
Applications can be submitted online from the 9th to the 1st of the next month. The city plans to finally select 200 businesses after document reviews by the Busan Credit Guarantee Foundation and the evaluation committee’s assessment.
The foundation will be responsible for executing the project. Detailed information can be found on the foundation’s website.”