Sacheon-si Accepting Loan Applications for Agricultural and Fishery Support Funds Until the 30th

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Sang-hyun] Sacheon City in Gyeongnam announced on the 20th that it will accept loan support applications for the second half of 2021 Rural Development Fund and Rural Promotion Fund until the 30th.

This loan support consists of a total of 1.94 billion KRW, including 1 billion KRW from the city’s own Rural Development Fund and 940 million KRW from the Rural Promotion Fund according to the "Ordinance on the Establishment and Operation of the Gyeongsangnam-do Rural Promotion Fund."

Eligible applicants are farmers and fishermen residing in Sacheon City and Gyeongnam Province, agricultural-related corporations and producer organizations with their main office located in the area. The support limit is 50 million KRW for individuals and 300 million KRW for corporations.

The types of support include operating funds necessary for purchasing materials such as seeds, pesticides, fertilizers, and feed; rental fees for facilities and equipment; distribution, processing, and sales; and facility funds for expanding and improving facility equipment.

The loan period is 1 year grace period with 3 years equal repayment for operating funds, and 2 years grace period with 3 years equal repayment for facility funds. The loan interest rate is 1% per annum.

Applications can be submitted by visiting the administrative welfare centers in the applicant’s address area (eup, myeon, dong) and filling out the loan application form and business plan.

The city plans to provide loans through the NongHyup Sacheon Branch starting from September after an objective and reasonable internal review.

A Sacheon City official said, “We are promoting this loan support plan through various media such as the city website and meetings of eup, myeon, dong community leaders,” adding, “We hope many young farmers and fishermen under 45 years old and those affected by COVID-19 confirmed cases or quarantine who need support will apply.”

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