Jeonnam Province Provides Loan Support for Feed Purchase Funds to Stabilize Livestock Farm Management

Jeonnam Province announced on the 12th that it will provide loan support of 107 billion KRW in feed purchase funds in the first half of this year to stabilize the management of livestock farms facing difficulties due to increased production costs and reduced consumption.

Every year, the province supports feed purchase funds at an interest rate of 1.8%, with a 2-year grace period and lump-sum repayment conditions, to assist with new feed purchases and repayment of existing credit purchases. This year, the support ratio will be expanded to assist winter bee-damaged farms and Hanwoo farms whose income has decreased due to falling prices in production areas.

The support targets are farms raising cattle, pigs, chickens, ducks, deer, horses, goats, rabbits, quail, pheasants, ostriches, bees, geese, turkeys, and wild geese.

The maximum support limit is 600 million KRW for Hanwoo and dairy cattle, 900 million KRW for pigs, chickens, and ducks, and 90 million KRW for other livestock. Support is provided according to the number of animals raised.

Park Dohwan, Director of Livestock Policy at Jeonnam Province, said, “With rising feed prices along with high inflation, high interest rates, and reduced consumption, the management conditions of livestock farms have become difficult. We will do our best to ensure that the allocated loan funds are promptly lent to farms in need.”

Jeonnam Province provides about 50 billion KRW annually in feed purchase funds to stabilize livestock farm management. In 2022, it supported 246.6 billion KRW.

Additionally, for farms that completed feed purchase fund loans in 2022, Jeonnam Province secured 2.4 billion KRW in its own 2023 projects and is uniquely promoting interest-free support nationwide.

Furthermore, the province has proposed to the Ministry of Agriculture, Food and Rural Affairs to reduce the feed purchase loan interest rate from the existing 1.8% to 1% and to extend the repayment period from a 2-year grace period with lump-sum repayment to a 3-year grace period with 2-year installment repayment.

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