Sacheon-si, Loan Support for Rural Development Fund and Rural Development Promotion Fund

Gyeongnam Sacheon Agricultural Technology Center.

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Sacheon City, Gyeongnam Province, will accept applications for the "2023 First Half Rural Development Fund and Rural Development Loan Support" from the 16th to the 31st to alleviate the management burden on farmers and fishermen and strengthen agricultural and fishery competitiveness.

According to the city on the 6th, the loan support fund for farmers and fishermen this year amounts to a total of 3.15 billion KRW, including 1.65 billion KRW from the Rural Development Fund implemented under the "Gyeongsangnam-do Rural Development Fund Establishment and Operation Ordinance" and 1.5 billion KRW from the Rural Development Loan Fund independently established by Sacheon City.

The funds to be supported this time cover operating expenses such as the purchase of materials like seeds, pesticides, fertilizers, and feed; facility and equipment rental fees; distribution, processing, and sales; as well as facility funds for the expansion and improvement of facility equipment.

Applicants must be farmers and fishermen residing in Gyeongsangnam-do and Sacheon City, or agricultural and fishery-related corporations and producer organizations with their main office in Gyeongsangnam-do and Sacheon City.

The support limits are as follows: for farmers and fishermen, operating funds up to 30 million KRW and facility funds up to 50 million KRW; for producer organizations, operating funds up to 50 million KRW and facility funds up to 100 million KRW; and for corporations, operating funds up to 50 million KRW and facility funds up to 300 million KRW.

The loan period for operating funds is 1 year grace period with 3 years equal installment repayment, and for facility funds, 2 years grace period with 3 years equal installment repayment. The 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 administrative welfare center within the application period to fill out and submit the loan application form and business plan.

The city plans to recommend applicants to Gyeongnam Province after an objective and reasonable internal review and enable loans through the NongHyup Sacheon Branch starting in March.

A city official said, "We hope this loan support will alleviate difficulties in agricultural management, expand the farming base, and strengthen agricultural competitiveness," and added, "We encourage many farmers and fishermen in the jurisdiction to apply."

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