Sancheong County Provides Special Loan Support of 6.5 Billion KRW for Farms Damaged by Heavy Rain

Interest Rate at 1%... 0.8% for Young Farmers
Apply at Town or Township Offices by August 18

Sancheong County in South Gyeongsang Province announced on August 7 that it will implement a special loan program totaling 6.5 billion KRW in agricultural sector funds to support the prompt recovery of farming activities for agricultural workers affected by the extreme heavy rainfall in July.

This loan program will be carried out through the Gyeongsangnam-do Rural and Fishing Village Promotion Fund and the Sancheong County Agricultural Development Fund. The interest rate is set at 1% per annum, with a preferential low rate of 0.8% applied to young farmers.

The county plans to prioritize this special loan support for farms directly damaged by the heavy rainfall. The Gyeongsangnam-do Rural and Fishing Village Promotion Fund will provide 4.5 billion KRW in support to agricultural and fishery workers residing in Sancheong County.

View of Sancheong County Office.

For operating funds, individual agricultural and fishery workers can receive up to 50 million KRW, while corporations and producer organizations can receive up to 70 million KRW, with a repayment schedule of a one-year grace period followed by equal installments over three years. For facility funds, individual agricultural and fishery workers can receive up to 50 million KRW, and corporations or producer organizations can receive up to 300 million KRW, with a two-year grace period followed by equal installments over three years.

The Sancheong County Agricultural Development Fund will provide 2 billion KRW in support to agricultural workers who have maintained both their residence and business in Sancheong County for over one year. For both operating and facility funds, individual agricultural workers can receive up to 50 million KRW, and corporations or producer organizations can receive up to 500 million KRW, with a two-year grace period followed by equal installments over three years.

The county has also promoted institutional improvements to help young farmers settle stably. In July, Sancheong County revised the ordinance and enforcement regulations on the establishment and operation of the Agricultural Development Fund, becoming the only county in the province to lower the interest rate for young farmers from the existing 1% to 0.8%.

If applicants are already receiving or repaying similar policy funds from the Rural and Fishing Village Promotion Fund or the Agricultural Development Fund, or if they are duplicate beneficiaries, they may receive point deductions or be restricted from support during the review process.

Applications can be submitted at the local town or township office until August 18, and the required documents can be checked at the town or township office or on the announcement section of the Sancheong County Office website. Loan disbursement will begin in September after a credit check and review committee process for each applicant.

County Governor Lee Seunghwa stated, "I hope this special support will provide at least some help to farming households struggling due to heavy rainfall damage," and added, "We will continue to implement various support measures to ensure the safety and early recovery of agricultural workers affected by the heavy rain."

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