Busan is good

Busan City Expands Support for Small Businesses and Traditional Markets - Launches “Boosting the Everyday Economy” Initiative

내용

Busan Metropolitan City, led by Mayor Park Heong-joon, has announced the launch of a new initiative titled “Boosting the Everyday Economy,” funded through a supplementary budget to support small businesses and revitalize local consumption in 2025.

The initiative aims to increase sales at local shops and traditional markets, support small business recovery, and provide tailored assistance to local companies.

In response to sluggish domestic demand and reduced consumer spending due to high inflation, the city will implement 14 programs under six categories, with a total budget of KRW 68.8 billion, including:

---

1. Expanded Financial Support (KRW 43.25 billion)

• ●Hope-Connection Card (3-None Card)

• ○Up to KRW 1 million per business, supporting operating expenses, supplies, and utilities

• ○No interest (6 months), no annual fee, and no guarantee fee

• ○A total of 20,000 cards to be issued (KRW 50 billion value)

• ●Expanded Special Loan Program for Small Businesses

• ○Additional KRW 32.5 billion in secondary interest support

• ○Increased contributions to Busan Credit Guarantee Foundation

---

2. Consumption Stimulation (KRW 3.1 billion)

• ●Busan Sale Festa

• ○Online: discount coupons through major online malls for Busan-based businesses

• ○Offline: promotional events at approx. 30 neighborhood shopping districts and university areas

• ●Traditional Market Promotion Support

• ○Customized marketing events for individual markets

• ●Traditional Market Cashback Program

• ○Rebate system providing KRW 1,000 to 10,000 in Onnuri gift certificates for purchases over KRW 30,000 to 50,000

---

3. Expanded Dongbaekjeon Cashback (KRW 27 billion)

• ●Extended through June 2025

• ●Monthly cashback cap increased from KRW 30,000 to KRW 50,000

• ●Cashback rate increased from 5% to 7%, encouraging local spending

---

4. Strengthened Support for Small Businesses (KRW 24.5 billion)

• ●Total Management Support Package

• ○For 1,000 businesses at risk of closure

• ○Up to KRW 4 million per business in consulting, funding, and financial cost support

• ●Support for Re-employment of Closed Businesses

• ○“Double Hope Savings Account” to help build personal assets

• ○Employment incentives for hiring former business owners

• ○Increased vocational training allowance from KRW 300,000 to 600,000 per month

---

5. Traditional Market Revitalization (KRW 2.71 billion)

• ●Culture & Tourism Market Development

• ○Support for local markets with unique cultural and tourism assets

• ○6 markets selected: Chungmu Coastal Market, Mangmi Central Market, Busan Free Market, etc.

• ●Digital Market Transformation

• ○Target markets: Minrak Golmok Market, Shinpyeong Golmok Market, Busan Peace Market

• ●First-Step Foundation Support

• ○Starter program for Namcheon Beach Market

---

6. Enterprise Support (KRW 1.06 billion)

• ●Coffee Industry Ecosystem Development (R&D)

• ○Data analysis and commercialization support in Yeongdo-gu, a declining population area

• ●Social Enterprise Business Development Support (KRW 200 million)

• ○Funding for brand development, technology upgrades, product quality, and marketing

---

Mayor Park Heong-joon stated:

“This initiative is designed to breathe new life into small businesses and the regional economy, which are struggling under weakened domestic demand and consumption.
We will promptly implement the budget during the first half of the year and continue to develop policies that support and stimulate local spending.”

---

Attachment: Overview of the ‘Boosting the Everyday Economy’ Initiative

Category	Budget (KRW)	Key Programs
Financial Support	43.25 billion	3-None Card (KRW 20B), Special Loans (KRW 23.25B)
Consumption Stimulation	3.1 billion	Sale Festa, Market Events, Cashback Vouchers
Dongbaekjeon Cashback Expansion	27.0 billion	Limit and rate increase until June 2025
Small Business Support	24.5 billion	Total Package (1,000 firms), Job Conversion Aid, Training Allowance
Traditional Market Development	2.71 billion	Cultural/Tourism Markets, Digital Markets, First-Step Support
Enterprise Support	1.06 billion	Coffee Industry Cluster (Yeongdo), Social Enterprise Development