Gokseong-gun COVID-19 Overcome Resident Income Support Fund Interest Reduced by 50%

[Asia Economy Honam Reporting Headquarters Reporter Kim Chunsu] Gokseong-gun, Jeollanam-do announced on the 13th that it has decided to temporarily reduce the interest on the Resident Income Support Fund loans by 50% to support farmers facing difficulties due to COVID-19.

The interest reduction applies to local farmers and agricultural corporations who took out loans from the Resident Income Support Fund and whose interest repayment dates fall in 2020.

With this interest reduction measure, 24 farms with interest repayment dates this year will receive benefits on interest for principal amounts totaling over 1 billion KRW.

Eligible borrowers will pay only 0.5% interest instead of the original 1% on the principal when repaying interest at NongHyup Bank, reflecting the 50% reduction.

A county official stated, “We hope this interest reduction on the Resident Income Support Fund will provide practical relief to local farmers struggling due to the spread of COVID-19 by easing their management burdens even a little.”

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