Gokseong-gun Provides Total Loan Support of 1.83 Billion KRW from Resident Income Support Fund

1% Low-Interest Facility or Operating Fund Support

[Gokseong=Asia Economy Honam Reporting Headquarters, Reporter Cha Jongseon] Gokseong-gun, Jeollanam-do announced that it has selected a total of 15 recipients for this year's Resident Income Support Fund and will provide loan support amounting to a total of 1.83 billion KRW.

The Resident Income Support Fund loan support project refers to providing loans at a low interest rate of 1% for facility funds or operating funds needed in residents' income-generating business sectors.

The purpose is to help reduce residents' management cost burdens and establish an income base.

The support fields cover all income businesses, including not only agriculture and livestock sectors but also non-agricultural sectors.

Among the 15 recipients supported by Gokseong-gun this year, 10 are in the livestock sector, 3 in agriculture, and 2 in small business, with the livestock sector being the largest.

For facility funds, recipients can receive loans up to 200 million KRW per individual and up to 300 million KRW per corporation or organization, with conditions of a 4-year grace period and 5-year equal repayments, supporting up to 80% of the total project cost.

For operating funds, up to 100 million KRW per person is supported with either a 2-year grace period with lump-sum repayment or 3-year equal repayments, covering 100% of the total project cost. The interest rate for both facility and operating funds is 1%.

Notably, from this year, it has become possible to receive interim loans before project completion.

In the past, loans could only be obtained through Nonghyup after submitting proof documents confirming project completion.

However, from this year, if proof of project initiation, project progress, and loan collateral are confirmed, interim loans can be arranged in consultation with the Nonghyup loan department.

However, recipients who receive interim loans must submit a completion confirmation and execution proof documents to the eup/myeon office after the project is completed.

If the loan funds are not used for the original purpose or if there is a remaining balance unused, it must be returned to the Gokseong-gun Resident Income Support Fund treasury.

A county official said, “We hope that low-interest loans will activate investment in agriculture and help improve the income of residents who are struggling due to COVID-19.”

Gokseong=Asia Economy Honam Reporting Headquarters, Reporter Cha Jongseon cha6960@asiae.co.kr

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