Ulsan City Provides 5 Billion Won Loan Support from Rural and Fisheries Development Fund

700 Million KRW for Farmers and Returning Farmers, 500 Million KRW for Agricultural Corporations and Producer Groups

Ulsan City Hall exterior view (Photo by Ulsan City)

[Asia Economy Yeongnam Reporting Headquarters, Reporter Yoon Yoseop] Ulsan City announced on the 2nd that it will provide a loan support of 5 billion KRW this year from the Rural and Fisheries Development Fund to secure competitiveness in the agriculture and fisheries sectors and to improve the income of farmers and fishermen.

Applicants wishing to receive loan support must submit their documents to the administrative welfare center of their business location's eup, myeon, or dong by the 31st. Eligible applicants include Ulsan City farmers and fishermen, returning farmers and fishermen, agricultural corporations, and producer organizations. The loans are for projects aimed at income development in agriculture and fisheries, fostering regional specialty products, supporting eco-friendly agriculture, stabilizing the distribution of agricultural and marine products, developing export crops, and agricultural food promotion projects, including facility and operating funds.

The loan limit is up to 70 million KRW for farmers, fishermen, and returning farmers and fishermen, and up to 500 million KRW for agricultural corporations and producer organizations. Loan terms are a 2-year grace period followed by 4 years of equal installment repayments for facility funds, and a 3-year grace period with lump-sum repayment for operating funds.

Eligible applicants will be recommended through self-review by eup, myeon, and dong by early next month, followed by district and county review and recommendation, and finalized by the Ulsan City Rural and Fisheries Development Fund Operation Committee's review and resolution by the end of March.

Ulsan City will subsidize interest rates of 3.1% to 4.4% annually from the Rural and Fisheries Development Fund, so farmers and fishermen only need to bear interest rates of 0.5% to 1.1%. The loan period is from April 1 to March 31, 2021. Last year, the Rural and Fisheries Development Fund was confirmed at 4.6 billion KRW for 82 farms, with 2 billion KRW loaned to 58 farms.

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