Sacheon-si Implements Loan Program for Residents and Businesses Near Power Plant

To Promote Local Residents' Livelihood Stability, Corporate Profits, and Job Creation

Sacheon City in Gyeongnam announced on the 5th that it will carry out the ‘2024 Loan Project for Areas Surrounding Power Plants’ targeting residents and businesses near power plants.

This project provides financial support to residents or businesses located within 5 km of a power plant, in accordance with the Act on Support for Areas Surrounding Power Plants.

It is especially implemented to help local residents understand the power industry and to promote the safety of residents' lives, as well as the profitability and job creation of businesses.

Sacheon City Hall.

The eligible recipients are residents living in the areas surrounding the power plants (Dongseo-dong, Seongu-dong, Dongseo Geum-dong, Beol-yong-dong, Hyangchon-dong) or businesses located in these areas.

This loan project is divided into two categories: resident welfare support and business attraction support, with a total budget of 400 million KRW allocated this year.

Residents can receive up to 30 million KRW per household, and businesses up to 60 million KRW per company, with an interest rate of 1.5%, a 2-year grace period, and a 3-year repayment term.

Applicants can apply and submit their applications at the administrative welfare centers of their residence or business location from the 13th until March 8th.

However, households and businesses currently using funds from the power plant surrounding area support project or those that do not meet the loan conditions under the lending institution’s credit regulations are excluded from eligibility.

A city official stated, “Since the loans are provided at a low interest rate of 1.5%, we hope this will be of great help to the residents and businesses in the areas surrounding the power plants.”

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