Gyeongnam Nonghyup Provides Interest Support for Farming Funds

330 Billion Won Scale Relief of Financial Burden for Farms

Gyeongnam Nonghyup launched the ‘Low-Interest Loan for 100 Years of Farming Together’ on the 20th as part of the ‘100 Years of Nonghyup with Farmers’ initiative.

To support the reduction of farming costs during the high-interest period, Nonghyup Central Association provides an interest subsidy of 1.65%, allowing customers to receive an annual interest rate as low as the mid-3% range.

Young startup farmers, returnees to farming, and members of agricultural and livestock cooperatives can apply for new operating funds or refinance existing farming funds at their nearest agricultural or livestock cooperative, with a maximum loan amount of 50 million KRW per person and a term of up to 2 years.

The total loan limit for the ‘Low-Interest Loan for 100 Years of Farming Together’ is 1 trillion KRW nationwide, and it is expected that benefits worth approximately 33 billion KRW will be provided to at least 20,000 farmers.

Kim Ju-yang, the head of the division, said, “We hope that the interest support for this farming fund will ease the burden on farmers struggling with high interest rates and help them focus solely on farming.”

He added, “We will seek various revitalization measures such as agricultural finance support, helping with farm labor, and promoting the consumption of our agricultural products to realize the 100 Years Nonghyup with Farmers.”

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