Jeongeup City Promotes Livestock Sector Agricultural, Forestry and Fisheries Development Fund Project

Operating Funds, Management Recovery, and Stabilization Loans

Jeongeup City in North Jeolla Province is implementing the 'Livestock Sector Agricultural, Forestry, and Fisheries Development Fund Project.'

According to the city on the 20th, this project has been established to support the management stability of livestock farmers and enhance the competitiveness of the livestock industry.

The eligible applicants are individuals, organizations, and corporations engaged in the livestock industry who are registered as agricultural or fisheries management entities. The core of the project is to provide low-interest loans for operating funds, management recovery and stabilization funds, and processing and production facility funds.

Operating funds can be used for purchasing feed, with individuals eligible for loans of up to 100 million KRW and corporations up to 300 million KRW, both at an interest rate of 1% for two years.

Processing and production facility funds can be used for renovation and modernization of livestock facilities, with individuals eligible for up to 1 billion KRW and corporations up to 3 billion KRW. These funds are available with a three-year grace period and seven-year equal installment repayment, at an interest rate of 1% for the first two years and 2% for years three to ten.

In particular, for young livestock farmers (aged 18 to under 45), operating funds are provided interest-free for one year. Processing and production facility funds are offered with a five-year grace period and ten-year equal installment repayment, interest-free during the grace period (five years), and at a 2% interest rate for years six to ten.

Applications for this fund can be made at the administrative welfare centers in the town, township, or district where the business is located at any time. The loan amount may be adjusted according to the credit regulations of financial institutions. In addition, support may be restricted if the applicant is deemed ineligible, so prior consultation with the financial institution is recommended before applying.

A city official stated, "We expect this project to help reduce the financial burden on livestock farmers and enhance their competitiveness," adding, "We hope many livestock farmers will take advantage of these low-interest loans to maintain stable management."

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