Jeonnam Province to Support 50 Billion Won Loan from Rural and Fisheries Promotion Fund Next Year

Applications Accepted Starting from the 7th

[Muan=Asia Economy Honam Reporting Headquarters, Reporter Yoon Jamin] Jeonnam Province announced on the 6th that it will accept applications for next year's loan projects under the 'Rural and Fisheries Promotion Fund,' which is being promoted to increase the income and strengthen the competitiveness of farmers and fishermen, starting from the 7th.

Jeonnam Province's operating budget for next year is 50 billion KRW, targeting farmers and fishermen under 70 years old who have resided in the province for more than one year, agricultural corporations, bachelor farmers, and businesses involved in processing and distribution of agricultural and marine products.

The loan limits are up to 100 million KRW for individual farmers and fishermen, 200 million KRW for corporations and bachelor farmers, 500 million KRW for cold storage facilities, and 1 billion KRW for processing and distribution companies.

The loans are provided at a low interest rate of 1% per annum and are intended for food processing, distribution, opening of eco-friendly franchise stores, construction of cold storage facilities, and small and medium-sized horticultural specialty farms. The funds must be used for projects necessary for farming activities by farmers, fishermen, and corporations, including key policy projects promoted by Jeonnam Province.

The repayment period for the loans is structured as follows: for general operating funds, a 2-year grace period followed by 3 years of equal installments; for facility funds such as farmland purchase and greenhouse construction, a 2-year grace period followed by 5 years of equal installments; for bachelor farmers, a 3-year grace period followed by 10 years of equal installments; and for cold storage facility funds, a 3-year grace period followed by 7 years of equal installments.

Farmers and fishermen wishing to apply for loans can submit their applications to the local town, township, or neighborhood community service centers. After confirming eligibility, loans can be obtained through NongHyup and SuHyup banks.

Jung Hayong, Director of Agricultural Policy at Jeonnam Province, said, "To reduce the repayment burden on farmers, fishermen, and corporations and to promote agricultural and fishery development through the use of loan funds, we have extended the repayment period for operating funds from 2 years to 5 years and for facility funds from 5 years to 7 years starting next year. We hope this will serve as a stepping stone for income increase for farms in need of funds."

Meanwhile, the Jeonnam Province Rural and Fisheries Promotion Fund, aimed at enhancing the competitiveness of farmers and fishermen, has raised 204.2 billion KRW up to this year and plans to increase it to 250 billion KRW by 2026.

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