Jeonnam Province Supports Low-Interest Loans for Livestock Farmers' Feed Purchase Funds

[Muan=Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] Jeonnam Province has launched a low-interest loan support program for feed purchase funds to stabilize the management of livestock farmers facing difficulties due to the rise in compound feed prices caused by the increase in international grain prices and COVID-19.

The province announced on the 12th that it will provide 25.4 billion KRW in loans for feed purchase funds in the first round this year to reduce the feed cost burden on livestock farmers.

The feed purchase funds for livestock farmers are loans used for new feed purchases and repayment of existing credit amounts, and are supported annually.

The support targets are livestock farmers and corporations who have obtained livestock farming business permits or registrations for Hanwoo (Korean beef cattle), dairy, pig farming, poultry, duck, deer, horse, and sheep.

Farmers wishing to receive feed purchase fund support can apply to the relevant city or county office by the end of this month. Once selected as beneficiaries, they can receive loans from the local agricultural and livestock cooperatives in charge.

The support limits by livestock type are 600 million KRW for Hanwoo and dairy, 900 million KRW for pig, poultry, and duck farms, and 90 million KRW for other livestock such as black goats, deer, horses, and honeybees.

The amount per farm is calculated by multiplying the support unit price per head by the number of animals raised. The support conditions are an annual interest rate of 1.8% with a two-year grace period and lump-sum repayment.

Jeonnam Province expects compound feed prices to rise further in the second half of this year and plans to conduct a demand survey around July to provide about 20 billion KRW in a second round of compound feed purchase funds.

Last year, a total of 50.8 billion KRW was supported.

Park Dohwan, head of the Livestock Policy Division of Jeonnam Province, said, "Recently, compound feed prices have risen by about 10%, which is expected to increase difficulties for livestock farmers," and urged, "Farmers who need compound feed purchase funds should definitely apply to their city or county office."

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