Sancheong-gun Promotes Agricultural Development Fund Loans to Stabilize Farmers' Management

Following the First 2.2 Billion KRW Support, Second Application Opens Early April

1% Annual Interest Low-Rate Loan, Up to 500 Million KRW for Agricultural Corporations

Sancheong County Office.

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Sancheong-gun, Gyeongnam Province, is implementing a low-interest loan support project with an annual interest rate of 1% to stabilize the management of local farmers and strengthen agricultural competitiveness.

The county announced on the 28th that it will provide loans worth 7.1 billion KRW this year as part of the Agricultural Development Fund support project.

Unlike previous years when applications were accepted twice a year, this year applications will be accepted four times a year to provide timely financial support necessary for agricultural management.

The first application period was held in February, confirming support of 2.2 billion KRW to 59 farms. Selected applicants can receive loans at the NH Nonghyup Bank Sancheong Branch starting from the 29th.

The second application period is from April 4 to April 15, with the third and fourth rounds scheduled for around July and September, respectively.

This project provides loans for operating funds needed for agricultural product production, processing, distribution, sales, and export, as well as facility funds required for agricultural facility equipment.

Eligible applicants include farmers, agricultural corporations, and production organizations who have had their residence and business place in Sancheong for more than one year.

The support conditions include a 1% annual interest rate with a repayment plan of 2 years grace period and 3 years of equal installments. The loan limit is up to 50 million KRW for individuals and up to 500 million KRW for agricultural corporations and producer groups.

Loans are provided to farms that have a management scale corresponding to the loan amount, maintain good financial credit status, and are recognized as capable of improving management through fund support.

Those currently receiving other policy funds or already repaying the Sancheong-gun Agricultural Development Fund or Gyeongnam Province Rural Fisheries Fund are not eligible for support.

Applications can be submitted through the local town or township office, and required documents can be checked at the town or township office or on the Sancheong-gun official website’s announcement section.

After application submission, the county and financial institution’s review committee will review and finalize the loan recipients, who will then receive loans through the financial institution.

However, even if selected, the loan amount may be adjusted based on the applicant’s credit rating when applying for the loan at the financial institution.

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