Jeonnam Province Supports Low-Interest Loans for Special Feed Purchases by Livestock Farmers

A Total of 231.8 Billion KRW... Interest Rate Reduced to 1% for Direct Farm Feed Transaction Promotion Project

[Muan=Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] Jeonnam Province announced on the 19th that it will provide low-interest loans amounting to 231.8 billion KRW for special feed purchase funds to livestock farms.

To stabilize the management of livestock farms amid the recent sharp rise in feed prices, an additional 183 billion KRW for special feed purchase funds has been secured.

The additionally secured funds correspond to 28% of the 650 billion KRW allocated in the government's second supplementary budget. The support is provided through an interest subsidy scheme, and the interest rate has been reduced from the existing 1.8% to 1% to lessen the burden on livestock farms.

This reflects the fact that the province was the first nationwide to propose government measures to stabilize livestock farm management due to rising feed prices, and that the Jeonnam Provincial Council urged the government to prepare special measures in response to the increase in compound feed prices.

Additionally, the ongoing project to promote direct feed transactions with farms has also lowered the interest rate to 1%, and the limit for the special guarantee for feed purchases from the Agricultural, Forestry and Fisheries Credit Guarantee Fund has been raised to 300 million KRW to ease the management burden on livestock farms.

Feed purchase funds for livestock farms are supported annually under a two-year grace period with lump-sum repayment conditions for new feed purchases and repayment of existing credit amounts.

The support targets farms raising cattle, pigs, chickens, ducks, deer, horses, goats, rabbits, quail, pheasants, ostriches, honeybees, geese, turkeys, and wild geese.

The maximum support limits by livestock type are ▲ 600 million KRW for Hanwoo and dairy cattle farms ▲ 900 million KRW for pig and poultry farms ▲ 90 million KRW for farms raising goats, deer, honeybees, horses, and other livestock.

Support will be provided based on the number of animals raised, with priority given to farms affected by avian influenza, missing honeybees, and other damages.

Livestock farmers wishing to receive funds can apply through the city or county livestock departments via their local town or township community service centers.

Park Dohwan, head of the Livestock Policy Division of Jeonnam Province, said, “On the 3rd, the price of compound feed increased by 45 KRW per kilogram, and it is expected that production costs for livestock farms will increase by 8 to 11%. For management stabilization, we urge farms that need feed purchase funds and cost reductions tailored to their conditions to apply without fail.”

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