Hongseong County Accepts Applications for Resident Income Development Fund Loans

Up to 50 Million Won for Individuals,
Up to 100 Million Won for Corporations and Organizations

Hongseong County Office

Hongseong County, Chungnam Province, announced on the 12th that it will accept applications for loan support from March 17 to April 7 according to the 1st Resident Income Development Fund Loan Support Plan for this year.

The total amount of loan support for this round, operated with the Hongseong County Resident Income Development Fund, is 300 million won. Applications will be accepted on a first-come, first-served basis, and recipients will be selected accordingly.

Individuals can receive up to 50 million won, while corporations or organizations can receive up to 100 million won at an annual interest rate of 2%. The repayment terms are a two-year grace period followed by three years of equal installment payments.

Eligible applicants are residents of Hongseong County whose business locations are also in Hongseong County. Qualifying projects include support for production and distribution facilities to increase agricultural and fisheries income, development and promotion of export crops in response to market opening, and balanced regional specialization projects by crop type.

In addition, residents who wish to establish a self-sustaining base in agriculture, fisheries, or livestock facilities, develop and operate new income-generating businesses, operate small-scale manufacturing or service businesses, or run small retail businesses and similar sectors that require operational improvement funds are also eligible to apply.

However, applicants must have collateral capability, and those without a business registration certificate, those seeking loans for consumable purchases, simple payroll, office management, general operating funds, or debt repayment purposes are excluded from support.

Applications should be submitted to the county Administrative Support Division via the local Eup or Myeon Administrative Welfare Center according to the applicant's address.

Meanwhile, loan recipients will be finalized after on-site inspections and verification of applicants who submit by April 7, followed by a review by the 'Hongseong County Integrated Fiscal Stabilization Fund Deliberation Committee.' Final support will be provided after a final review by the trustee financial institution, Nonghyup Bank Hongseong Branch.

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