Gyeongbuk Province Provides Emergency Support of 5 Billion KRW from the Rural Development Fund to Farmers and Fishermen Affected by Typhoon

Loan Support Up to 50 Million KRW per Farm ... Application Period September 14 to October 14

Long-term Low-interest Support (Repayment up to 5-7 Years, 1% Annual Interest) to Establish Typhoon Damage Recovery Foundation

Gyeongbuk Provincial Government Office.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Gwi-yeol] Gyeongbuk Province will provide emergency management stabilization funds of 5 billion KRW to farmers and fishermen who suffered significant damage due to Typhoon No. 11 ‘Hinnamnor’ that occurred on the 6th.

This support was prepared to alleviate the management burden of farmers and fishermen facing difficulties through emergency support from this year’s Rural Development Fund, as Typhoon No. 11 ‘Hinnamnor’ caused extensive damage such as apple fruit drop, rice paddy flooding, and damage to agricultural and livestock facilities across all cities and counties including Pohang and Gyeongju.

The support targets farmers and fishermen or corporations in the province affected by the typhoon, providing loans at the lowest interest rate (1% annual interest) within a limit of 50 million KRW for operating funds required for consumable agricultural materials, small agricultural machinery, and the purchase of stakes, seeds, and seedlings.

The loan repayment period is up to 5 years for general farmers (2 years grace period, 3 years equal repayment), and up to 7 years for young farmers aged 39 or younger (3 years grace period, 5 years equal repayment), aiming to provide practical help to typhoon-affected farmers and fishermen through long-term repayment.

Farmers and fishermen wishing to apply for the loan can visit the relevant eup/myeon/dong office or city/county department by the 14th of next month to receive guidance on the project and submit the application form and credit investigation opinion.

The Rural Development Fund, established since 1993 with contributions and operating revenues from the province, cities/counties, agricultural cooperatives, and fisheries cooperatives, has raised 258.6 billion KRW as of the end of last month and supported 10,957 farmers and fishermen (including corporations) with 677.3 billion KRW, playing a major role in stabilizing farm and fishery management.

It plays a significant role in helping farmers and fishermen in the province overcome crises by providing emergency support in cases of natural disasters, livestock diseases, and other urgent issues.

Governor Lee Cheol-woo said, “Economic difficulties are intensifying due to recent rises in agricultural material prices, labor costs, and loan interest rates, compounded by typhoon damage, increasing management instability for farmers and fishermen. I hope this emergency support will help stabilize their management even a little. In addition, we will seek various support measures for the swift recovery of damage and return to daily life for local farmers and fishermen deeply troubled by the typhoon damage.”

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