The BFC has been awarding the support fund since 2001 but from this year will no longer require ownership of rights on the scripts, or a return of the funds, or the condition that the film shoots more than 50% in Busan.
Anyone in Korea or abroad can apply with a fresh script that features Busan. The winning scripts will be published in a book and distributed to film production companies.
The winners will be announced during the Pusan International Film Festival at the Asian Cinema Fund awards ceremony.
First prize is $21,500 to one film, and second prize is $10,800 to another. Candidates can apply until Sept 10 through the BFC and PIFF websites.