Gyeongnam Province Provides Additional 9.5 Billion KRW Loan Support from Rural and Fisheries Promotion Fund
[Asia Economy Yeongnam Reporting Headquarters Reporter Kang Woo-kwon] Gyeongsangnam-do announced on the 21st that it has confirmed 455 recipients for the 2nd round of loans from the Rural and Fisheries Promotion Fund and will provide loans and support totaling 9.5 billion KRW.
Previously, Gyeongsangnam-do had supported 21 billion KRW in the 1st round of funding, and explained that this additional support is being provided to improve management and strengthen competitiveness for local farmers and fishers who are facing difficulties due to the spread of the novel coronavirus disease (COVID-19).
The recipients are farmers and fishers residing in the province, as well as agricultural and fishery-related corporations and producer organizations with their main offices in the province. Priority was given to farmers and fishers who were 'confirmed' or 'quarantined (including release)' due to COVID-19, or those who suffered damages such as decreased consumption of agricultural and marine products due to COVID-19, or blocked sales channels caused by inability to supply school meals due to delayed school openings. Final selections were made through city and county agricultural policy councils.
The loan support from the Rural and Fisheries Promotion Fund can be used for operating funds necessary for purchasing agricultural materials, renting facilities and equipment, distribution, processing, and sales. Confirmed recipients can apply for loans at the local city or county NongHyup Bank. The support limit is up to 30 million KRW per individual and 50 million KRW for corporations and producer organizations. The interest rate is 1% per annum, with a 1-year grace period followed by equal repayments over 3 years.
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The Gyeongsangnam-do Rural and Fisheries Promotion Fund was established in 1995 and has raised 110.8 billion KRW to date, providing cumulative loans of 821.7 billion KRW to 37,305 farmers and fishers so far.
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