NongHyup Bank Launches 'NH Smart Farm Loan,' a Special Product Commemorating Its 60th Anniversary

Kwon Jun-hak, President of NH Nonghyup Bank (right), visited the 'Didi Farm' located in Pyeongtaek-si, Gyeonggi-do on the 10th and is touring the farm with CEO Lee Young-seok.

[Asia Economy Reporter Kiho Sung] NH Nonghyup Bank announced on the 10th that it will launch 'NH Smart Farm Loan,' a dedicated loan product for small and medium-sized smart farms that supports the cultivation of strong small-scale farmers and the start-up of young farmers who will lead the future of agriculture in the Republic of Korea.

'NH Smart Farm Loan' provides facility funds to farmers who wish to install small and medium-sized smart farms in the facility horticulture sector, and for agricultural corporations, it also supports installation funds for smart farms in the form of plant factories. The loan limit is up to 500 million KRW for farmers and up to 1 billion KRW for agricultural corporations, with a loan period of up to 3 years for unsecured loans and up to 15 years for secured loans.

Farmers with experience in cultivating the relevant crops and who have completed related training are offered a preferential interest rate discount of up to 1.6 percentage points and additional unsecured loan limits. Through the 'NH Smart Farming School' mentoring service, know-how for successful farming is imparted, and young start-up farmers are provided with special benefits of 'NH Points' as a preferential service.

On the same day, Kwon Junhak, President of NH Nonghyup Bank, visited 'Didi Farm,' a horticultural smart farm located in Pyeongtaek, Gyeonggi Province, to listen to voices from the field.

In particular, during this visit, he accompanied young farmer Kim Seongche, the first applicant for the 'NH Smart Farm Loan,' toured leading farms, provided a benchmarking opportunity, and wished for successful agricultural entrepreneurship.

President Kwon said, “NH Smart Farm Loan is Korea’s first dedicated smart farm loan product that also supports smart farms in the form of plant factories, which is a trend of the times,” adding, “Nonghyup Bank will actively respond to environmental changes such as digital transformation in the agricultural sector and fulfill its social responsibility as an agricultural finance specialized bank leading the future of our agriculture through fostering strong small-scale farmers and young farmers.”

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