Rural Development Administration Jeonnam 'Lease First, Sell Later Project' Supports Farmland for Young Farmers

The Jeonnam Regional Headquarters of the Korea Rural Community Corporation (Head: Jo Young-ho) announced on the 12th that it will select 15 young farmers for the ‘Lease First, Purchase Later Project’ and provide 2.1 billion KRW in support to young farmers struggling to secure farmland due to a lack of farmland purchase funds.

Explanation screen of the lease first, sell later project on the Farmland Bank site.
[Photo by Jeonnam, Rural Development Administration]

The ‘Lease First, Purchase Later Project’ is a program where the corporation first purchases the farmland desired by young farmers and leases it to them on a conditional long-term basis for up to 30 years. Once the principal and interest repayment is completed, ownership is transferred to help young farmers settle in farming.

The 15 selected young farmers this time were chosen based on criteria such as having no history of farmland acquisition or owning farmland within 0.5 hectares, targeting young start-up farmers and the 20-30 age group.

The Jeonnam Headquarters plans to select additional candidates worth 200 million KRW in May for young farmers who were unable to apply this time.

Head Jo Young-ho said, “Since farmland is the part where young farmers face burdens and difficulties when starting agriculture, this will be a great help to young farmers who lack initial capital,” and added, “We will continue to strive for customized support through various farmland bank projects for local young farmers and other farmers who wish to engage in agriculture.”

Meanwhile, the Jeonnam Regional Headquarters supports young farmers to settle in agriculture through various farmland bank projects.

For related inquiries, please check the Farmland Bank Portal or contact by phone.

Asia Economy Honam Reporting Headquarters Reporter Kim Yuk-bong baekok@asiae.co.kr

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