Supporting Successors in Business Succession with New Challenges through Tokyo's Growth Support Project
The Tokyo Metropolitan Government, in collaboration with the Tokyo Small and Medium Enterprise Promotion Corporation, has announced a new initiative aimed at supporting business successors involved in the succession process. This initiative, named the 'Growth Support Project Triggered by Business Succession,' is designed to encourage and facilitate the expansion of new business ventures for successors of small and medium enterprises (SMEs) in Tokyo. The project recognizes the importance of assisting these successors as they navigate the challenges of business transition.
The key component of this initiative is the financial support provided to eligible businesses. There are two main courses available:
1. General Course: This offers a grant of up to 8 million yen, with a subsidy rate of two-thirds of the eligible expenses. If a wage increase plan is developed, the subsidy rate can increase to three-fourths, with small businesses receiving an even higher rate of four-fifths. This funding can be utilized for expenses related to developing new products and services, as well as for promotional activities necessary for increasing their market presence.
2. Market Development Course: This course focuses on granting up to 300,000 yen specifically for expenses incurred in finding new markets for existing products or services, or for new products. Similar to the General Course, eligible expenses are capped at two-thirds of the total costs incurred.
Eligible expenses for both courses may include raw material costs, equipment expenses, subcontracting services, and expenses related to promotional activities such as market research, advertising, and participation in trade shows.
To qualify for this support, businesses must have undergone succession between April 1, 2021, and the day before the application date, and they should actively pursue new business opportunities as part of their succession narrative. The support period can extend up to one year from the date of grant approval.
In addition to financial assistance, the initiative also includes an advisory service under the General Course. For businesses selected for funding, two free consultations with experts will help identify areas for improvement and provide guidance for further business development.
The application schedule is divided into two phases for each course. The General Course will have two application windows: the first from May 18 to June 17, 2023, and the second from September 1 to September 30, 2023. The Market Development Course will open applications from July 1 to July 31, 2023, and again from October 13 to November 12, 2023.
For more detailed information on application procedures and eligibility criteria, businesses are encouraged to visit the Tokyo Small and Medium Enterprise Promotion Corporation's website. The project aligns with the '2050 Tokyo Strategy,' specifically addressing industry-related strategies for preserving business succession and technology.
For general inquiries regarding this initiative, the Industrial Labor Bureau's Commerce Division can be contacted at 03-5320-4785. For specific questions about applications or project details, reach out to the Tokyo Small and Medium Enterprise Promotion Corporation's Growth Support Project office at 03-4446-4650.
The key component of this initiative is the financial support provided to eligible businesses. There are two main courses available:
1. General Course: This offers a grant of up to 8 million yen, with a subsidy rate of two-thirds of the eligible expenses. If a wage increase plan is developed, the subsidy rate can increase to three-fourths, with small businesses receiving an even higher rate of four-fifths. This funding can be utilized for expenses related to developing new products and services, as well as for promotional activities necessary for increasing their market presence.
2. Market Development Course: This course focuses on granting up to 300,000 yen specifically for expenses incurred in finding new markets for existing products or services, or for new products. Similar to the General Course, eligible expenses are capped at two-thirds of the total costs incurred.
Eligible expenses for both courses may include raw material costs, equipment expenses, subcontracting services, and expenses related to promotional activities such as market research, advertising, and participation in trade shows.
To qualify for this support, businesses must have undergone succession between April 1, 2021, and the day before the application date, and they should actively pursue new business opportunities as part of their succession narrative. The support period can extend up to one year from the date of grant approval.
In addition to financial assistance, the initiative also includes an advisory service under the General Course. For businesses selected for funding, two free consultations with experts will help identify areas for improvement and provide guidance for further business development.
The application schedule is divided into two phases for each course. The General Course will have two application windows: the first from May 18 to June 17, 2023, and the second from September 1 to September 30, 2023. The Market Development Course will open applications from July 1 to July 31, 2023, and again from October 13 to November 12, 2023.
For more detailed information on application procedures and eligibility criteria, businesses are encouraged to visit the Tokyo Small and Medium Enterprise Promotion Corporation's website. The project aligns with the '2050 Tokyo Strategy,' specifically addressing industry-related strategies for preserving business succession and technology.
For general inquiries regarding this initiative, the Industrial Labor Bureau's Commerce Division can be contacted at 03-5320-4785. For specific questions about applications or project details, reach out to the Tokyo Small and Medium Enterprise Promotion Corporation's Growth Support Project office at 03-4446-4650.
Topics Business Technology）
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