Jeongeup-si Supports Agricultural Startup and Housing Purchase Costs... Applications Accepted Until the 28th

Published 13 Jul.2023 10:43(KST)

Jeongeup City in Jeonbuk announced on the 13th that it will accept applications for the "Return-to-Farming Agricultural Startup and Housing Purchase Support Project" until the 28th, aimed at urban residents wishing to return to farming, to support their stable settlement.

The Return-to-Farming Agricultural Startup and Housing Purchase Support Project provides low-interest loans using agricultural funds for returnees to start agricultural businesses and secure housing, with interest subsidies covered by government budgets. The agricultural startup fund limit is 300 million KRW per household, and the housing purchase and new construction fund limit is 75 million KRW.

Jeongeup City supports agricultural start-up funds and housing purchase costs for urban residents returning to farming as part of increasing related population.
[Photo by Jeongeup City]

The interest rate is 1.5% per annum, and the repayment method is a 5-year grace period followed by 10 years of equal principal repayments.

The loan amount is finally determined within the limit based on the applicant’s business performance and the credit and collateral evaluation by the lending institution.

Applicants must be household heads aged 65 or younger as of the application year, who have worked in non-agricultural industries in urban areas, have continuously resided for more than one year, and have moved to rural areas within the past five years. They must also complete at least 100 hours of return-to-farming education.

Additionally, non-agricultural residents in rural areas (those living in rural areas without farming experience within the past five years) must meet residency duration and education completion requirements.

Applications can be submitted with the required documents at the local eup/myeon office or dong community center.

The city plans to select final candidates through in-depth interviews by a selection committee based on the appropriateness and feasibility of the business plan and the applicant’s motivation to settle in farming.

A city official stated, “We plan to select candidates who will faithfully carry out their businesses with the support of startup funds and settle in Jeongeup City. We hope many returnees to farming show interest and actively apply.”