Gyeonggi-do Increases Loan Limit for Fisheries Entrepreneurs to 300 Million Won

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi-do Province is increasing the loan limit for fisheries business operators from 200 million KRW to 300 million KRW and will start accepting applications from the 3rd of next month.

Gyeonggi-do announced on the 13th that it will recruit applicants for the "2020 Fisheries Business Operator Development Project (Loan)" from the 3rd to the 28th of next month to discover and nurture future fisheries professionals.

The Fisheries Business Operator Development Project aims to discover and nurture young and middle-aged people engaged in fisheries. Based on their experience in the fisheries industry, applicants are selected as successors of fishermen or excellent business operators, and funds necessary for establishing a business foundation and improving management are provided in the form of loans.

Eligibility for application requires that successors of fishermen must be between 18 and under 50 years old, with no prior experience managing fisheries or having been engaged in fisheries for less than 10 years. Excellent business operators must have been selected as successors of fishermen and have been continuously managing for more than 5 years or have been recognized as new knowledge workers by the Ministry of Oceans and Fisheries, and be 60 years old or younger.

Once selected as fisheries business operators, successors of fishermen can receive up to 300 million KRW (annual interest rate 2%, 3-year grace period, 7-year equal installment repayment), and excellent business operators can receive an additional 200 million KRW (annual interest rate 1%, 5-year grace period, 10-year equal installment repayment) in funds (loans). The loan support for successors of fishermen has increased by 100 million KRW this year from the previous maximum of 200 million KRW to 300 million KRW.

Eligible fields for application include fishing vessel fisheries, aquaculture and mariculture, seafood processing, seafood distribution, and salt manufacturing industries.

Gyeonggi-do will select 3 fisheries business operators this year.

Those wishing to apply should prepare the fisheries business operator application form, business plan, credit investigation report, and other necessary documents and submit them in person at the Fisheries Technology Center of the Gyeonggi Marine and Fisheries Resources Research Institute (71 Gaegonneo-gil, Danwon-gu, Ansan-si).

Detailed information regarding applications can be found on the Gyeonggi Provincial Government website (https://www.gg.go.kr/).

Kang Byung-eon, Director of the Gyeonggi Marine and Fisheries Resources Research Institute, stated, "We plan to support young and middle-aged people who will lead the future of Gyeonggi-do fisheries to return to fishing villages and settle stably," adding, "We will do our best to nurture competitive fishermen in Gyeonggi-do through fisheries management and fisheries technology education."

This content was produced with the assistance of AI translation services.