Geumsan County to Offer Rural Development Fund Loans Next Year... Up to 300 Million Won at 0.5% Interest

50 Million Won for Operating Funds,
300 Million Won for Facility Funds

View of Geumsan County Office (Photo by Geumsan County)

Next year, rural development funds with low interest rates will be available, with a maximum loan amount of 300 million won and an interest rate of 0.5%.

Geumsan County announced that eligibility for next year’s rural development fund loans is limited to residents who have been registered in Geumsan County and have actually lived and worked in agriculture there since before January 1 of last year.

The loan limits are 50 million won for operating funds and 300 million won for facility funds. The loan will be provided by the Geumsan County branch of NongHyup Bank. The interest rate is 0.5%.

For repayment terms, operating funds require a two-year grace period followed by three years of equal installment payments. For facility funds, at least 30% of the cost must be self-financed, with a three-year grace period followed by five years of equal installment payments.

The county plans to accept applications around January to February next year. The Geumsan County branch of NongHyup Bank will verify applicants’ creditworthiness and determine the final loan amount.

Kim Geonju, an official from the Agricultural Policy Division, said, "The low-interest rural development fund will help enhance the competitiveness of local farms," adding, "We hope that many farmers will benefit from this program."

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