Interest Rate Reduced by 0.5% for Multi-Child Families on Rural Development Fund Loans... Hwang Jae-cheol, Gyeongbuk Provincial Council Member, Leads Ordinance Proposal

Hwang Jae-cheol, a member of the Gyeongbuk Provincial Council (People Power Party, Yeongdeok), announced on the 20th that he has taken the lead in proposing the "Partial Amendment to the Ordinance on the Establishment and Operation of the Gyeongsangbuk-do Rural and Fisheries Promotion Fund" at the 350th extraordinary session.

This ordinance amendment stipulates that, in line with Gyeongbuk Province's major agricultural transformation and low birthrate countermeasures, multi-child families and socially vulnerable groups can receive preferential loan and repayment conditions from the Rural and Fisheries Promotion Fund.

Hwang Jae-cheol, Gyeongbuk Provincial Assembly Member

Established in 1993, the Rural and Fisheries Promotion Fund has accumulated a total of 275.9 billion KRW as of the end of August through contributions from the province, city and county governments, agricultural cooperatives, fisheries cooperatives, and operational profits. It has supported 14,150 people in the province with 749.1 billion KRW, greatly contributing to the stabilization of farm and fishery management and the revitalization of the rural economy.

If this amended ordinance is passed, starting next year, Gyeongbuk Province plans to restructure the program so that farm and fishery households with two or more children, including minor children residing in the province as of the application date, who have given birth to (or adopted) and are raising them, can receive loans at a reduced interest rate from the existing 1% to a maximum of 0.5%.

Hwang Jae-cheol, who took the lead in proposing the ordinance, stated, "In this era of high interest rates, the Rural and Fisheries Promotion Fund has been a ray of hope for our farmers and fishermen," and added, "We will continue to strive to ensure that our farmers and fishermen, including multi-child families and socially vulnerable groups, receive even a 0.1% greater interest rate benefit."

This ordinance, which passed the Provincial Council's Agriculture, Fisheries and Livestock Committee on the 11th, is scheduled to be finally approved at the plenary session on the 22nd.

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