Naju-si 'Resident Income Loan Support Project' Additional Application and Reception

[Asia Economy Honam Reporting Headquarters Reporter Kim Yukbong] Naju City, Jeollanam-do (Mayor Kang In-gyu) announced on the 26th that it is accepting additional applications for the ‘Resident Income Loan Support Project’ to revitalize the local economy, which has been depressed due to COVID-19, and to alleviate the management difficulties of farmers.

This project provides low-interest loans for facility and operating funds needed for ▲purchase of farmland ▲vinyl greenhouse facilities ▲purchase of agricultural materials ▲installation of cold storage, targeting farmers, fishermen, corporations, and young farmers residing in the jurisdiction.

Those wishing to apply for the loan support can submit a loan application form, business plan, and other documents to the administrative welfare center of their jurisdiction’s eup, myeon, or dong by the 31st.

The loan limit is up to 50 million KRW for individuals, 100 million KRW for corporations, and 200 million KRW for young farmers, with an annual low interest rate of 1% applied.

The loan period is 2 years grace period with 4 years equal repayment for individuals, 3 years grace period with 5 years equal repayment for corporations, and 3 years grace period with 7 years equal repayment for young farmers.

Eligible applicants will undergo feasibility reviews such as loan collateral capability and business scale, and final approval will be made next month. Loans can be obtained from the local agricultural cooperative.

A city official said, “We hope this will provide some support to farmers who are struggling with livelihood difficulties due to sluggish agricultural product consumption caused by the prolonged COVID-19 pandemic, stagnation of domestic and international distribution markets, and suspension of school meal ingredient deliveries,” adding, “We expect farmers to reduce the burden of financing management funds and related agricultural businesses to overcome liquidity crises and revitalize the local economy.”

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