Busan is good

The Busan Metropolitan City Launches “Small Business Management Improvement Total Package Support Project” as Part of the Jump-up Initiative

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The Busan Metropolitan City (Mayor Park Heong-joon) announced the launch of the “Small Business Management Improvement Total Package Support Project” to help prevent business closures and support the recovery of approximately 470,000 small businesses in Busan.

○ In light of the declining number of self-employed individuals and the recent surge in business closures, the city has secured a budget of 1 billion KRW through the first supplementary budget to support small businesses seeking to bounce back from crisis.

○ Unlike previous programs such as business closure assistance or Yellow Umbrella mutual aid contributions targeting businesses about to close, this project focuses on small business owners who are on the verge of closure due to external shocks but are determined to recover.

This project provides up to 4 million KRW in support per business:

• ●Business operation funds (up to 3 million KRW) for remodeling, environmental improvements, marketing, etc., based on strategies developed with professionals

• ●Guarantee fee support (up to 1 million KRW) for loans

The support package consists of four programs:
▲One-on-one consulting
▲Management improvement education
▲Business funding
▲Financial support

< Program Overview >

• ●(One-on-one Consulting) Match applicants with desired consultants by industry and sector (minimum two sessions per business)

• ●(Education) User-centered training focused on resolving management difficulties (3 courses, at least 6 hours)

• ●(Business Funds) Financial support for management improvement efforts (up to 3 million KRW)

• ●(Financial Support) Reduction of loan guarantee fees (up to 1 million KRW)

Eligible applicants are small business owners based in Busan without disqualifying credit issues, and may apply under one of the following three categories:

< Application Categories >

• ●(Sales JUMP) Businesses whose sales in 2024 decreased by 10% or more compared to 2023

• ●(Restart JUMP) Businesses that have completed debt settlement, restructuring, or have normalized prior guarantee defaults

• ●(Startup JUMP) Businesses that reopened after closure and resumed operations in or after 2024

Applications will be accepted online from May 9 to June 1. After document screening by the Busan Credit Guarantee Foundation and a review by the evaluation committee, 200 businesses will be selected.

○ The Busan Credit Guarantee Foundation will oversee project implementation, utilizing its existing small business data and financial infrastructure to maximize effectiveness.

○ Details are available on the foundation’s website (www.busansinbo.or.kr).

Kim Bong-cheol, Director of the Digital Economy Bureau, stated, “This project, launched with the support of the supplementary budget, will provide practical assistance to small businesses in Busan to overcome crisis and sustain their operations. We will continue to introduce diverse policies to support business recovery and revitalize the local economy.”

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Appendix: Project Overview

• ●Project Name: Small Business Management Improvement Total Package Support Project

• ●Objective: To prevent business closures and support recovery for small businesses in crisis

• ●Period: April to December 2025

• ●Budget: 1 billion KRW (municipal funding)

• ●Target: 200 small business owners in Busan seeking recovery

• ○Must meet one of the following categories and satisfy all general criteria:

< Categories >
① Sales Jump: Sales declined 10%+ in 2024 vs. 2023
② Restart Jump: Completed debt settlement, adjustment, or guarantee normalization
③ Startup Jump: Reopened business in 2024 or later

< General Criteria >

• ●Business must be located and operating in Busan as of the announcement date

• ●No disqualifying factors for credit guarantees

• ●Must faithfully participate in all components of the program (consulting, training, etc.)

< Support Details >
① Consulting: Matched with industry-specific consultants (minimum two sessions)
② Education: 3 programs totaling 6+ hours tailored to business needs
③ Business Funds: Up to 3 million KRW for management improvement
④ Financial Support: Automatic reduction of guarantee fees (up to 1 million KRW)

< How to Apply >

• ●Online: www.부산토탈패키지.kr

• ●Required Documents: Common documents and additional evidence per application category (Sales Jump, Restart Jump, Startup Jump)