Jeongeup-si Supports Interest on Feed Purchase Funds for Livestock Farmers

Jeongeup City in Jeonbuk announced on the 17th that it will support part of the interest on feed purchase funds for livestock farmers who received feed purchase fund loans in 2022 to reduce the financial burden on livestock farmers due to the rise in international grain prices.

The Livestock Feed Management Stability Support Project is a program that supports 0.5% of the 1% loan interest rate on feed purchase funds in 2022. Livestock farmers in Jeongeup will benefit from 215 million KRW, which is 50% of the total interest amount of 430 million KRW on feed purchase funds from the previous year.

Jeongeup City is promoting the Feed Management Stability Support Project.
[Photo by Jeongeup City]

Last year's feed purchase fund support project was implemented with a loan interest rate of 1%, a 3-year grace period, and a 2-year installment repayment plan, with a total of 445 farms receiving 43 billion KRW in loan support.

The number of farms supported by livestock type includes 358 Hanwoo farms, 33 dairy farms, 47 pig farms, and 7 farms of other livestock types.

Farmers wishing to participate in this project can receive support by submitting loan execution-related documents, loan repayment proof documents, a copy of their bankbook, and an ‘application form’ to their respective eup/myeon offices or dong community centers by the 25th.

Mayor Lee Hak-su said, “Feed prices are expected to rise due to the spring drought and concentrated summer heavy rains this year,” adding, “We will do our best to stabilize the management of livestock farmers who are struggling in this high-interest rate era.”

Jeongeup = Kim Jae-gil, Honam Reporting Headquarters, Asia Economy baekok@asiae.co.kr

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