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Apply for Support If You Closed Your Business in Busan and Found Employment

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Busan Metropolitan City (Mayor Park Heong-joon) and the Busan Economic Promotion Agency announced that they have been implementing the “Employment Transition Promotion Program for Small Business Owners Who Closed Their Businesses” since June last year.

This program is designed to support small business owners in Busan who have been forced to close their businesses due to domestic and global economic slowdowns, helping them recover through employment, while also providing support to companies that hire such individuals.

To encourage smooth employment and hiring of former small business owners, Busan Metropolitan City is operating two programs: the “Hope Double Savings Account” and the “Employment Incentive.”

Small business owners who closed their businesses and found employment after January 2025, as well as companies that hired them, are eligible to apply.

Small business owners who successfully gain employment after closure can receive up to KRW 1.8 million in asset-building support through the “Hope Double Savings Account” program.

Eligible applicants include Busan residents who closed their businesses after 2023 and subsequently secured employment at a company located in Busan after 2025. Participants can save KRW 300,000 per month for up to six months, and the city will match the same amount with additional support funds.

If participants maintain employment and meet the savings requirements for six months after applying, they can receive a maturity amount of up to KRW 3.6 million, including KRW 1.8 million in city support funds.

Companies that hire former small business owners can receive up to KRW 3.6 million per employee through the “Employment Incentive” program.

Eligible companies are those located in Busan that have hired former small business owners after 2025. If employment is maintained for six months, the company will receive KRW 600,000 per month, totaling KRW 3.6 million.

Each company may apply for up to five employees, allowing for a maximum support amount of KRW 18 million.

Both the “Hope Double Savings Account” and “Employment Incentive” programs will close applications on May 10, and applications must be submitted online through the Busan Job Information Network website (www.busanjob.net).

Detailed information and application procedures can be found in the official announcement, and inquiries can be directed to the Busan Economic Promotion Agency at 051-888-6904.

Kim Bong-cheol, Assistant Mayor of Digital Economy Office, stated, “We hope this program will help local small business owners facing difficulties due to business closures to achieve stable recovery through employment,” adding, “We encourage strong interest and participation from local small business owners and companies.”