MoF "Emergency Management Stabilization Funds to Support Fisheries Affected by Heavy Rainfall"…Total Allocation of 1.85 Billion Won

Loan Applications Available from the 5th

[Asia Economy Reporter Joo Sang-don] The Ministry of Oceans and Fisheries announced on the 5th that it has allocated 1.85 billion KRW in emergency management stabilization funds to the Suhyup Bank to support fishing households affected by this year's heavy rains, strong winds and storms, and abnormal algae blooms (hypoxic water masses).

To receive this emergency management stabilization fund, fishing households must obtain a 'Disaster Damage Confirmation Certificate' from local governments confirming the damage caused by heavy rains, strong winds and storms, or abnormal algae blooms.

Selected fishermen can borrow up to 20 million KRW within the scope of their self-burden amount of the damage. The interest rate can be chosen between a fixed rate of 1.8% and a variable rate (0.89% as of October 2020). To apply for the loan, applicants must visit a Suhyup Bank branch from the 5th until January 4, 2021, and submit the relevant supporting documents. The loan period is one year.

Lee Kyung-gyu, Director of Fisheries Policy at the Ministry of Oceans and Fisheries, said, "We hope this emergency management stabilization fund support will help alleviate the management difficulties of fishermen affected by natural disasters such as heavy rains."

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