Jeonnam Province Supports Compound Feed Purchase Funds for Fish Farmers

Up to 300 Million KRW Loan Per Farm
Applications Accepted Until the 21st of Next Month

Jeollanamdo Marine Fisheries Science Institute supports local fishermen with funds for purchasing compound feed. The photo shows a flounder farm. Provided by Jeonnam Province.

The Jeollanam-do Institute of Marine and Fisheries Science announced on the 30th that it will provide financial support for the purchase of compound feed for aquaculture farms in order to alleviate the management cost burden caused by rising feed prices. Applications for the program will be accepted until the 21st of next month.

The eligible recipients are aquaculture farms cultivating fish, shrimp, soft-shelled turtles, and shellfish using compound feed. Applicants must be individuals or corporations registered as fisheries business entities and possess aquaculture licenses, permits, or registrations in accordance with the Fisheries Act and the Aquaculture Industry Development Act.

The maximum loan amount is 300 million KRW per farm (or corporation), with an annual interest rate of 1%. The repayment period is either a lump-sum payment or installment payments over 2 to 3 years: 2 years for shellfish, and 3 years for fish, shrimp, soft-shelled turtles, and other fish (including both freshwater and marine species).

Applicants wishing to receive support must submit a business application form, credit report, compound feed purchase plan, aquaculture license/permit/registration certificate, fisheries business registration confirmation, and resident registration certificate to the Jeonnam Institute of Marine and Fisheries Science branch with jurisdiction over their business address.

For more detailed information, please refer to the announcement posted on the Jeollanam-do Provincial Government or Jeonnam Institute of Marine and Fisheries Science websites, or contact the person in charge at the relevant branch.

Last year, the amount of support provided for compound feed purchases to aquaculture farms was 63.3 billion KRW for 517 farms. This accounted for 42% of the total project budget of 150 billion KRW, the highest amount secured and provided nationwide.

Kim Chungnam, Director of the Jeonnam Institute of Marine and Fisheries Science, explained, "We have been providing this support since 2008 to address the increasing difficulties caused by rising international raw material prices, high interest rates, and inflation."

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