Special Financial Support of 200 Billion KRW, Busan Steps Up to Aid Small Business Owners
Up to 5 Million KRW in Operating Funds via Dedicated Credit Card for 40,000 Recipients
Busan City is launching a support project that eliminates three major burdens for small business owners.
On April 23 at 2:30 p.m., Busan City (Mayor Park Heongjoon) announced that it will sign a business agreement for the "Three No-Burden Hope-Linking Credit Card Special Financial Support for Small Business Owners" at the International Protocol Room of Busan City Hall.
Mayor Park Heongjoon, Bang Seongbin, President of BNK Busan Bank, and Seong Donghwa, Chairman of the Busan Credit Guarantee Foundation, will attend the signing ceremony.
The Three No-Burden Hope-Linking Credit Card for Small Business Owners is a project jointly operated by the city, Busan Bank, and the Busan Credit Guarantee Foundation to ease the difficulties faced by local small business owners and self-employed individuals. The project will provide operating funds of up to 5 million KRW per person, with a total fund size of 200 billion KRW.
This card offers several benefits: up to six months of interest-free installments, exemption from annual fees, and full support for guarantee fees. In addition, 3% of the card usage amount will be returned as Dongbaekjeon cashback, up to an annual limit of 100,000 KRW.
The card can be used only for essential operating expenses such as material costs and utility bills, and it can also be used at restaurants. However, it cannot be used for cash advances, card loans, or entertainment-related businesses.
To implement this project, Busan City secured a budget of 20 billion KRW through the first supplementary budget allocation in March.
Once the agreement is signed, 40,000 local small business owners will be able to benefit from the dedicated credit card support, with an operating fund limit of 5 million KRW per person. This is expected to make a significant contribution to alleviating the management difficulties of local small businesses and revitalizing the regional economy.
Any small business owner based in Busan who has been in business for at least six months and has a credit score of 595 or higher (based on NICE Credit Information) is eligible for the benefits. In-person applications will be accepted at the Busan Credit Guarantee Foundation starting April 30.
For more information on how to apply and other details, please contact the main number of the Busan Credit Guarantee Foundation or any of its branches.
Mayor Park Heongjoon stated, "In these uncertain economic times, the difficulties faced by local small business owners are even greater. I am grateful that Busan Bank has willingly joined this special financial policy for them. Through the cooperation of the city, the Credit Guarantee Foundation, and the banking sector, we will continue to develop policies that provide real help to local small business owners in need."
This year, through the first supplementary budget, Busan City increased the special fund for small businesses from 417.5 billion KRW to 650 billion KRW, an increase of 232.5 billion KRW, to support small business owners and self-employed individuals struggling with financial difficulties due to the economic downturn.
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