Gangwon-do Provides Loan Support for 'Direct Feed Transaction Funds' to Farms

Gangwon Provincial Government

원본보기 아이콘

[Asia Economy Reporter Ra Young-cheol] Gangwon Province announced on the 25th that it will provide a loan of 11.4 billion KRW to revitalize direct feed transactions for farms in order to reduce the feed cost burden on livestock farms.

The support targets livestock farms and corporations participating in the livestock industry registration system, and unregistered farms can apply after registration.

The supported livestock species include ▲Hanwoo and beef cattle ▲dairy ▲swine ▲poultry and ducks ▲deer ▲horses and other livestock. Hanwoo and beef cattle, dairy, swine, poultry, and ducks can receive up to 600 million KRW, while other livestock such as honeybees can receive up to 90 million KRW.

The support conditions are 100% loan, 1.8% interest rate, and a 2-year lump-sum repayment. The funds can be used for new feed purchases and repayment of existing feed credit balances.

Livestock farms wishing to receive funding can apply through their eup, myeon, dong, or city/county offices. After the city/county verifies livestock industry registration, number of animals raised, and existing loan details, the selected and recommended applicants can apply for loans at local agricultural and livestock cooperatives.

Meanwhile, due to the prolonged Russia-Ukraine conflict, rising international grain prices, abnormal weather, and the spread of infectious diseases causing a decline in honeybee populations, livestock farms are facing increasing difficulties.

The Gangwon Provincial Agricultural Policy Bureau stated, "This feed purchase fund support is focused on current issues such as beekeeping and wildfire damage, as well as stabilizing the management of small-scale livestock farms," and added, "We will make every effort to secure additional feed purchase funds in the second half of the year to provide further support."

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