Customized Support Funds for Small Business Owners Closing Down: What's Available?

Closing down a business is a difficult decision for small business owners. But did you know that there is various government support available even after closing down? Today, we will take a closer look at the types of customized subsidies for small business owners closing down and how to apply for them.

Why are closure subsidies necessary?

The various costs incurred during the closure process can be a significant burden on small business owners. This is because unexpected costs such as store demolition, restoration, and job search preparation arise. The government operates various business closure subsidy systems to alleviate the difficulties of these small business owners.

Types of Business Closure Subsidies

Business closure subsidies can be broadly divided into three categories.

• Demolition Subsidy: Supports the costs required for store demolition and restoration.
• Job Search Allowance: Supports education and job search activities for re-employment.
• Re-entrepreneurship Subsidy: Provides funds to small business owners who want to start a new business.

Details of Each Subsidy

🔗 Types and Application Methods of Small Business Closure Subsidies

1. Demolition Subsidy

• Target Recipients: Small business owners who have closed down or are planning to close down
• Support Content: Support for store demolition and restoration costs (up to KRW 2.5 million)
• Application Method: Online application (Small and Medium Business Administration website)

2. Job Search Allowance

• Target Recipients: Small business owners who have filed for closure
• Support Content: Payment of job search allowance and employment completion allowance (up to KRW 1 million)
• Application Method: Online application (Hope Return Package website)

3. Re-entrepreneurship Subsidy

• Target Recipients: Small business owners who have closed down, are planning to close down, or have restarted a business after closure
• Support Content: Business fund support (up to KRW 22 million), re-entrepreneurship education
• Application Method: Online application (Small and Medium Business Administration website)

Precautions when applying for business closure subsidies

• Small Business Owner Criteria: You must check the small business owner criteria for each subsidy.
• Application Period: Be sure to check the application period and apply within the period.
• Required Documents: You must prepare the necessary documents in advance when applying.
• Online Application: Most subsidies must be applied for online.

Frequently Asked Questions (FAQ)

• Where do I apply for business closure subsidies?
  • You can apply through the Small and Medium Business Administration website or the Hope Return Package website.
• What are the conditions for receiving business closure subsidies?
  • Since the target recipients and conditions differ depending on the subsidy, you should check the details on the relevant website.
• How much can I receive in business closure subsidies?
  • The amount of the subsidy varies depending on the support program and individual circumstances.

Be sure to receive business closure subsidies!

Closing down a business is a difficult process, but by utilizing government support well, you can create a foundation for a new beginning. If you are considering closing down your business, be sure to utilize the business closure subsidy system to overcome difficulties and start a new challenge.