Sancheong-gun Supports Local Farmers' Business Stability

Support for the Last Agricultural Development Fund Operating Capital of the Year

Rice Harvest Photo at Dansung-myeon Farmhouse

[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.

On the 6th, the county announced that it will provide loans worth 1.5 billion KRW as part of the 3rd Agricultural Development Fund Loan Support Project.

The Rural Development Fund Loan Support Project amounts to a total of approximately 7.1 billion KRW this year. About 5.7 billion KRW was loaned to farmers in the first and second rounds during the first half of the year, and this support is the last loan support project to be executed in the second half of the year.

The loan application period is until the 16th of this year. The 3rd support project only accepts applications for operating funds for agricultural product production, processing, distribution, sales, and export. Facility funds required for agricultural facility equipment will be supported next year.

The support conditions include an annual interest rate of 1%, with a 2-year grace period and 3-year equal installment repayment. The loan limit is up to 50 million KRW for individuals for both facility and operating funds, and up to 500 million KRW for agricultural corporations and producer organizations.

The support targets are farmers, agricultural corporations, and producer groups who have had their address and business place in Sancheong for more than one year.

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

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

Applications can be made through the local town or township offices of the applicant’s address, and the required documents for application can be checked at the town or township offices or on the Sancheong-gun official website announcement section.

After credit checks and review committee evaluations, the final recipients will be notified in October. Actual loan disbursements are expected to take place from October to December.

However, even if selected as a recipient, the loan limit may be adjusted according to the applicant’s credit rating when applying for a loan at a financial institution.

County Governor Lee Seung-hwa said, “We hope that the Rural Development Fund loan support will help ease the management burden on farms facing difficulties due to COVID-19 and rising interest rates,” adding, “We will continue to implement agricultural policies that not only boost farming motivation but also contribute to income increase and competitiveness enhancement.”

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