Uiryeong-gun Provides 17 Billion Won in Agricultural Income Support Loans

Annual Interest 1% Personal 50 Million to 100 Million KRW, Agricultural and Fishery Corporations 200 Million to 500 Million KRW

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Wook] Uiryeong-gun, Gyeongnam Province, is providing loans totaling 17 billion KRW at an annual interest rate of 1% to individual farms, agricultural corporations, and other groups to stabilize the management and strengthen the competitiveness of farmers facing difficulties due to the economic downturn.

The support targets are farmers, agricultural-related corporations, and producer organizations who have their resident registration or corporate address in Uiryeong-gun and are engaged in agriculture (business) within Uiryeong-gun as of the application date.

[Image source=Uiryeong County Office]

The loan support covers funds necessary for agricultural management entities to manage agriculture and increase income, including facility and operating funds, as well as funds for leading, purchasing, buying, and acquiring by producer organizations, agricultural corporations, and distribution companies.

The support limit is up to 50 million KRW for operating funds and 100 million KRW for facility funds for individuals; for producer organizations or agricultural corporations, up to 200 million KRW for operating funds and 500 million KRW for facility funds, with an annual interest rate of 1%. Repayment is to be made in equal installments over 3 years after a 2-year grace period.

Those wishing to apply for loan support can submit a loan application form and business plan to the local eup/myeon office by the 31st. The support recipients will be finalized after review by the Uiryeong-gun Agricultural Income Support Project Steering Committee, and loans can be obtained through NH Nonghyup Bank.

An official from the Agricultural Technology Center said, “In the current situation where farmers’ difficulties are increasing due to the recent economic downturn and interest rate hikes, we hope that the special account loan support for agricultural income will help stabilize farmers’ management,” adding, “We will continue to expand support measures that can provide practical help to farmers by utilizing the special account.”

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