Busan City Hope Credit Card Promotion for Small Business
busan Bank, Sinbo foundation Launch ₩200 Billion Small Business support Program
Table of Contents
- busan Bank, Sinbo foundation Launch ₩200 Billion Small Business support Program
- Busan Small Business Support Program: Your Questions Answered
- What is the Busan Small Business Support Program?
- what are the key components of this support program?
- What is the ‘Small Business 3 Hope Credit Card’?
- What benefits does the ‘Small Business 3 Hope Credit Card’ offer?
- How much financial support can businesses receive through this card?
- How can the ‘Small Business 3 Hope Credit Card’ be used?
- What types of expenses can be paid with the card?
- Are there any restrictions on how the card can be used?
- Who is eligible for the ‘Small Business 3 Hope Credit Card’?
- What are the eligibility requirements?
- When will the ‘Small Business 3 Hope Credit card’ be available?
- Who is involved in this initiative?
- why did Busan City and its partners launch this program?
- How can this program benefit the local economy?
- Summary of Key Program Details
BUSAN, South Korea (April 24, 2025) – Busan City, in collaboration with Busan Bank and the Sinbo foundation, has announced a ₩200 billion initiative to support local small businesses. The agreement, finalized on April 23 at Busan city Hall, aims to alleviate financial burdens for small business owners and self-employed individuals.
‘Small Business 3 Hope Credit Card’ Details
The cornerstone of this initiative is the ‘Small Business 3 Hope Credit Card,’ designed to provide up to ₩5 million in operating expense support per business. This financial tool offers several key benefits:
- Interest-free installment plans
- Annual fee exemptions
- Guarantee fee waivers for up to six months
card Usage Restrictions
While the card offers significant financial assistance,its usage is restricted to essential operating expenses. Eligible expenses include material costs and utility bills. The card can also be used at restaurants. However, it cannot be used for cash services, card loans, or entertainment purposes.
Eligibility and Availability
The Busan Credit Guarantee Foundation will begin issuing the cards on April 30. Eligibility is open to small business owners operating in Busan for at least six months. Applicants must also meet a minimum credit score requirement of 595 points.
Mayor’s Statement
Busan mayor Park Hyung-jun acknowledged the challenges faced by small business owners in the current economic climate. “There will be a greater difficulty for local small business owners in the uncertain economic situation,” Park said.
Busan Small Business Support Program: Your Questions Answered
Are you a small business owner in Busan, South Korea? If so, you might be interested in a new financial support program launched by Busan City, Busan Bank, and the Sinbo foundation. This comprehensive Q&A will help you understand the program and determine if it’s right for you.
What is the Busan Small Business Support Program?
Announced on April 24, 2025, this program is a ₩200 billion initiative designed to support small businesses and self-employed individuals in Busan. The primary goal is to alleviate financial burdens,especially in the current economic climate. The agreement was finalized on April 23 at Busan City hall.
what are the key components of this support program?
The cornerstone of the program is the “Small Business 3 Hope Credit Card.” This card aims to provide financial assistance to eligible small businesses.
What is the ‘Small Business 3 Hope Credit Card’?
This credit card is designed to help small businesses manage their operating expenses.
What benefits does the ‘Small Business 3 Hope Credit Card’ offer?
The card provides several key benefits to help small business owners:
Interest-free installment plans
Exemption from annual fees
Guarantee fee waivers for up to six months
How much financial support can businesses receive through this card?
Businesses can receive up to ₩5 million in support for operating expenses.
How can the ‘Small Business 3 Hope Credit Card’ be used?
The card is intended for essential operating expenses.
What types of expenses can be paid with the card?
Eligible expenses include:
Material costs
Utility bills
Restaurant expenses
Are there any restrictions on how the card can be used?
yes, there are usage restrictions. The card cannot be used for:
Cash services
Card loans
Entertainment purposes
Who is eligible for the ‘Small Business 3 Hope Credit Card’?
Eligibility is open to small business owners who meet specific criteria.
What are the eligibility requirements?
To be eligible, you must:
Be a small business owner operating in Busan
Have been operating in Busan for at least six months
Meet a minimum credit score requirement of 595 points
When will the ‘Small Business 3 Hope Credit card’ be available?
The Busan Credit Guarantee Foundation will begin issuing the cards on April 30.
Who is involved in this initiative?
This initiative is a collaboration between:
Busan City
Busan Bank
* The sinbo foundation
why did Busan City and its partners launch this program?
According to Busan Mayor Park Hyung-jun, the program addresses the challenges faced by small business owners in the current economic climate.The program aims to reduce the difficulties local small business owners face in the uncertain economic situation.
How can this program benefit the local economy?
By supporting small businesses, this program aims to foster economic growth in Busan. It provides financial aid to help thes businesses continue operating and create jobs.
Summary of Key Program Details
Here is a quick summary of the program’s significant features:
| Feature | Details |
|——————————|————————————————————————–|
| Program Name | Busan small Business Support Program |
| Total Funding | ₩200 billion |
| Key Initiative | ‘Small Business 3 hope Credit Card’ |
| Card Benefit: Max Support | Up to ₩5 million per business |
| Eligibility Criteria | Operating in Busan for at least six months, Minimum credit score of 595 |
| Issuing Agency | Busan Credit Guarantee Foundation |
| Issuing Date | April 30 |
| Eligible Expenses | materials, Utilities, Restaurants |