Yangsan City Begins Accepting Applications for Resident Income Support Fund Loans for the Second Half of This Year

Yangsan City Implements 500 Million Won Low-Interest Loans for Farmers and Fishers

Yangsan City, Gyeongnam Province, plans to implement the 2024 Yangsan City Resident Income Support Fund Loan Program for the second half of the year to stabilize agricultural management and establish a foundation for farmers' self-reliance.

Yangsan City Hall.

This program targets farmers and fishers residing within the city, as well as agricultural and fisheries-related corporations and producer organizations with their main offices located in the area. The total loan amount for this year is 1.2 billion KRW, with 700 million KRW already provided in the first half of the year and 500 million KRW to be distributed in the second half.

Applicants may apply for operating or facility funds up to a limit of 100 million KRW. The loan terms are a two-year grace period followed by three years of equal installment repayment, with an annual interest rate of 1.0%. Operating funds can be used for the purchase of small agricultural machinery or materials under 5 million KRW, as well as for expenses related to the production, processing, distribution, sale, or export of agricultural and marine products. Facility funds are intended for improvements to agricultural and livestock facilities, purchase of large agricultural machinery, and upgrades to equipment and materials.

Applications for the second half of the year will be accepted from August 12 to 30. Applicants should submit the loan application form, business plan, and other required documents to the administrative welfare center of their residence or farmland location. Final recipients will be selected through a review by the Loan Recipient Selection Committee, with the results to be announced in mid-September.

A Yangsan City official stated, "We hope that these low-interest loans will provide practical assistance in stabilizing the agricultural management of local farmers and fishers."

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