Jeongeup-si Provides 'Feed Purchase Fund' Loan Support... Reducing Operating Costs for Livestock Farmers

Published 05 Apr.2024 10:41(KST)

Jeongeup City in Jeollabuk-do will provide loan support for feed purchase funds in the first half of 2024 to alleviate the financial burden on livestock farmers struggling with soaring feed prices.

According to the city on the 5th, this support amounts to a total of 47.659 billion KRW, offered as a 100% loan with an interest rate of 1.8%, and a two-year grace period with lump-sum repayment.

Jeongeup City is launching a loan support program for feed purchase funds in the first half of this year to alleviate the financial burden on livestock farmers struggling with management difficulties due to the recent surge in feed prices.
[Photo by Jeongeup City]

The funds can only be used to purchase feed at a lower cost for the first time or to repay existing outstanding feed payments.

The support targets livestock farms and corporations that have livestock business permits or registrations, and the eligible livestock species include Korean beef cattle, dairy cattle, pigs, poultry, ducks, deer, horses, goats (including sheep), and honeybees.

The city accepted applications through the town, township, and neighborhood offices until the 29th of last month. After reviewing each farm’s requested amount, number of livestock, outstanding loans, and support limits, the city plans to finalize the list of beneficiaries within this month and issue feed purchase policy fund selection and recommendation notices to the respective farms.

Selected livestock farmers can obtain loans through local agricultural and livestock cooperatives and NongHyup Bank, with the loan amount directly deposited by the lending institution to the feed suppliers.

A city official stated, “We expect the feed purchase fund support to reduce operating costs for livestock farmers and ease interest expenses on feed purchases,” adding, “We will do our best to ensure that the allocated loan support for livestock farmers proceeds quickly.”