Gyeonggi-do Extends Loan Interest Reduction for Farmers and Fishermen Affected by Heavy Snowfall Until the End of February
Gyeonggi Province will extend its policy of fully waiving interest on Agricultural and Rural Development Fund (Agricultural Development Account) loans for farmers and fishermen affected by heavy snowfall until the end of February.
This decision is an emergency support measure proactively prepared by Gyeonggi Province to alleviate the financial burden on affected farmers and fishermen and to help them recover quickly. According to this policy, the province will waive the entire loan interest (1% per annum) for up to two years.
The support targets 1,678 farmers and fishermen in Gyeonggi Province who are using loans from the Agricultural and Rural Development Fund (Agricultural Development Account), amounting to 109 billion KRW.
Affected farmers and fishermen can visit their local city or county branch of the Nonghyup (National Agricultural Cooperative Federation) to fill out an application form. Required documents for the application include a personal ID card, proof of damage (confirmation from the city or county), and an interest waiver agreement form (available at the bank).
As an additional support measure, Gyeonggi Province will promote emergency loan support from the Agricultural and Rural Development Fund (Agricultural Development Account) during February. Furthermore, the province will prepare various support plans to assist in the recovery of farm and fishery management.
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Park Jong-min, Director of the Gyeonggi Province Department of Agriculture, Fisheries, and Life Sciences, stated, "To help farmers and fishermen affected by the heavy snowfall recover their operations, we have taken measures to waive interest on Agricultural and Rural Development Fund loans and provide advance loans totaling 20 billion KRW. We will work closely with cities and counties to ensure that damage recovery is completed swiftly."
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