Sacheon-si Provides Loan Support for Rural Development Funds and Rural Promotion Funds

Up to 50 Million KRW for Individuals and 300 Million KRW for Corporations to Stabilize Agricultural and Fishery Management

Sacheon City Hall Exterior View

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Sacheon City, Gyeongnam Province, is accepting applications for loan support from the second half of 2022 rural development funds and rural promotion funds until the 29th to improve the management of farmers and fishermen and strengthen agricultural and fishery competitiveness.

The loan support funds provided to farmers and fishermen in the second half of this year total 1.62 billion KRW, including 1 billion KRW from the rural development fund, which is a fund independently established by the city, and 620 million KRW from the rural promotion fund conducted under the "Gyeongsangnam-do Rural Promotion Fund Establishment and Operation Ordinance."

The funds supported this time cover operating expenses needed for purchasing materials such as seeds, pesticides, fertilizers, and feed; rental fees for facilities and equipment; distribution, processing, and sales; as well as facility funds for expanding and improving facility equipment.

Applicants must be farmers and fishermen residing in the city or agricultural and fishery-related corporations and producer organizations with their main office located in the city. The support limit is 50 million KRW for individuals and 300 million KRW for corporations.

The loan period for operating funds is a 1-year grace period followed by 3 years of equal repayment, and for facility funds, a 2-year grace period followed by 3 years of equal repayment. The loan interest rate is 1.0% per annum.

Farmers and fishermen in the jurisdiction who wish to receive loan support can visit their local eup/myeon/dong administrative welfare center within the application period to complete and submit the loan application form and business plan.

The city plans to conduct an objective and reasonable internal review of this loan support and enable loans through the NongHyup Sacheon branch starting in September.

A city official said, "We hope that this loan support, which allows the use of funds at a low interest rate during a difficult time for agriculture, fisheries, and rural areas, will be of some help to farmers and fishermen."

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