How to Apply for Busan City Small Business Closure Cost Support Project, Demolition Cost Support Targets
As the economic downturn continues, cases of small business owners considering closure are increasing.
In response, Busan City has decided to actively implement the '2025 Small Business Organization Helper Support Project', a program that provides substantial support to small business owners preparing to close or who have already ended their businesses. Notably, the program supports costs for store demolition and restoration up to 4 million won.
This support project goes beyond simple financial aid, offering a comprehensive package that includes professional consulting services, re-employment training, and incentives, making it even more significant. We hope this effort will be a great help to small business owners.
Why is support needed for small business closures?
According to statistics from Busan, as of February 2025, the number of self-employed individuals in Busan has reached 294,000, showing a continuous decline over the past three years.
This phenomenon reflects the complex factors at play, such as the stagnation of the local economy, population outflow, and dampened consumer sentiment. As a result, many small business owners are facing survival threats. Even if they consider closure, the actual process often takes a long time due to demolition and restoration costs, as well as a lack of future livelihood plans.
To address these issues, Busan City is establishing a comprehensive support system aimed at helping small business owners achieve a swift and safe business termination and new beginnings. This aims to enable small business owners to more smoothly organize their businesses and take on new challenges.
What kind of support does the 2025 Small Business Organization Helper offer?
The '2025 Small Business Organization Helper' project consists of three main components.
The first is business organization consulting. Tax and legal professionals participate to provide free consultation on the closure process, along with tailored guidance according to each small business's characteristics.
The second is support for closure costs. It supports costs necessary for store demolition and restoration at 200,000 won per unit, up to a maximum of 4 million won, a significant increase from the previous maximum of 2.5 million won. This reflects the recent rise in material and labor costs.
Finally, it includes re-employment support. The program conducts re-employment training four times a year for small business owners who have closed their business and provides a re-employment incentive of 500,000 won per participant who completes the training. This program is designed to assist small business owners in starting anew.
Closure Cost Support Targets and Application Method
A support project for small business owners located in Busan is underway. The targets of this support are business owners who have closed or are planning to close their businesses after January 1, 2025, and whose annual sales are below 200 million won. If the costs for store demolition and restoration exceed 500,000 won, they can receive support. However, this support cannot be applied for in conjunction with other similar programs.
Selected small businesses must complete demolition work within three months and can settle the associated costs.
Applications can be made online starting March 27 through the official website of the Busan Small Business Comprehensive Support Center (bsbsc.kr). Required documents include the application for business support, business registration certificate, certificate of closure, and certificate of taxable supplies for value-added tax. As the budget may be exhausted, prompt application is important.
Preparation is needed for closure; Busan City is here to help
Ending a business is never a simple choice. However, if there is a system in place to reduce the significant costs and complex processes and help prepare for a new start, the process can become much smoother.
The Small Business Organization Helper Support Project operated by Busan City not only supports business closures but also provides a solid foundation for a fresh start. If you are considering closure, now is the perfect opportunity to take advantage of this institutional support.
More information can be obtained through the Busan Economic Promotion Agency call center (☎1833-3665) or the official website (bsbsc.kr).
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