Uljin-gun Implements Youth Support Project for Small Business Succession

Support for Management Environment Improvement and Promotion Expenses... Up to 24 Million KRW

Uljin-gun, Gyeongbuk Province, will implement the ‘2024 Small Business Succession Youth Support Project’ starting December 2nd to provide management funds to young people who discover new value in the workplaces of their direct ancestors and succeed family businesses.

This project supports young small business owners who inherit their parents' or grandparents' family businesses by improving their management environment and covering promotional expenses. It includes costs for replacing outdoor signs, interior renovations, purchasing new store facilities such as CCTV, kiosks, and POS devices, producing promotional materials, and various online and offline marketing expenses.

Eligible applicants are young small business owners aged 19 to 49 (as of January 1 of the application year) who, along with their (grand)parents, have resided and operated businesses in the same industry in Uljin-gun for over 15 years, and who are currently running a second-generation or later business inherited from their (grand)parents.

The support amount covers 80% of the project costs, with a maximum of 20 million KRW for store environment improvements and up to 4 million KRW for marketing and promotional expenses, allowing a total maximum support of 24 million KRW.

However, businesses in restricted sectors such as entertainment bars, finance, insurance, and real estate, those who have received similar project funds, non-store businesses, unmanned stores, businesses that are temporarily closed or shut down, those with overdue local taxes or non-tax revenues, students, and businesses unable to operate bank accounts under their own name are excluded from support.

The application period is from December 2 to December 13, 2024. Eligibility will be reviewed through document screening of the application form and supporting documents, followed by an in-person interview for those who pass the document screening, with final selection of recipients.

Interested small business owners should refer to the ‘Notices/Announcements’ section on the Uljin-gun Office website to prepare the application form and business plan, and submit all required documents including business registration certificate, family relation certificate, closure certificate, VAT taxable standard certificate, list of regular employees, local tax payment certificate, and resident registration abstract by visiting the Regional Economy Team of the Job and Economy Division at Uljin-gun Office.

County Governor Son Byung-bok stated, “We hope this Small Business Succession Youth Support Project will serve as an opportunity to nurture young small business owners inheriting family businesses in Uljin-gun, revitalizing the local economy. We will continue to actively support many young small business owners in Uljin-gun so they can pursue creative and innovative management while reducing financial burdens.”