Jeongeup City Provides 'Feed Purchase Policy Fund' Support for Livestock Farms

24.7 Billion Won Provided to Ease Management Cost Burden

Jeongeup City in North Jeolla Province will provide a total of 24.7 billion won in policy funds for the purchase of animal feed to help reduce the management costs of local livestock farms.

According to the city on May 9, this support is expected to make a significant contribution to the economic stability of farms and the sustainable development of the livestock industry.

Last month, the city accepted applications for feed purchase funds and thoroughly reviewed each applicant farm for eligibility amount, existing loan balances, and any violations of relevant laws. After excluding certain farms that could not be recommended for loans, the city completed the allocation of 24.7 billion won in feed purchase funds to a total of 214 farms.

The terms of this policy fund support include 100% loans at a low annual interest rate of 1.8%, with a two-year grace period followed by a lump-sum repayment.

Farms selected as beneficiaries can visit the administrative welfare center in their respective towns, townships, or neighborhoods to receive the "Feed Purchase Policy Fund Selection Notification" and detailed information. They must then execute the loan at their chosen financial institution by June 12.

The city emphasized that if the loan is not executed within the specified period, the loan funds may be withdrawn, and urged recipients to adhere to the deadline. In addition, to provide benefits to more farms, the city is accepting additional applications for feed purchase policy funds until June 12.

A Jeongeup City official stated, "We hope that this feed purchase policy fund support will help alleviate some of the financial burden faced by struggling livestock farms," and added, "We expect that this will enable farms to operate stable and profitable livestock businesses."

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