Jeonnam Province Encourages Applications for 1% Low-Interest Loans from Rural Development Fund
by Kim Ugwan
Published 08 Jan.2025 11:37(KST)
Updated 28 Jul.2025 08:48(KST)
50 Billion Won Scale... Applications Accepted at Eup, Myeon, Dong Offices Until the 24th
Individual Limit 100 Million Won, Corporate 200 Million Won, Cold Storage 500 Million Won
Promotional material for the Agricultural and Fishery Village Development Fund accepting loan applications from Jeonnam Province. Provided by Jeonnam Province
원본보기 아이콘Jeonnam Province has announced that it will provide loans totaling 50 billion KRW from the Rural Promotion Fund at an interest rate of 1% to strengthen the competitiveness of farmers and fishermen and revitalize the rural economy. Applications for the program will be accepted at local town and township offices until the 24th.
The Rural Promotion Fund is designed to increase the income of farmers and fishermen and provide a stable management environment. By allowing farmers and fishermen to secure the necessary funds at low interest rates, it is expected to enable stable business operations and facility expansion.
Eligible applicants are farmers and fishermen residing in Jeonnam or agricultural and fisheries corporations with their main office in Jeonnam. Individuals can borrow up to 100 million KRW (200 million KRW for bachelor’s degree holders in agriculture), corporations up to 200 million KRW (1 billion KRW for processing and distribution companies), and up to 500 million KRW at a 1% interest rate for the installation of cold storage facilities.
Loans for purchasing farmland and facility funds such as expansion and aquaculture are to be repaid in equal installments over five years after a two-year grace period. Operating funds for purchasing seeds, seedlings, and raw materials are to be repaid in equal installments over three years after a two-year grace period. Notably, bachelor’s degree holders in agriculture can repay over ten years after a three-year grace period, which is expected to contribute to the development of professional agricultural and fisheries personnel.
Farmers and fishermen wishing to apply for the loan should submit their applications for the intended purpose to the local town or township office overseeing their address or business location. After review by the city and county Rural Promotion Fund Management Deliberation Committee, Jeonnam Province will finalize the list of loan recipients by February 7.
Kim Hyunmi, Director of Agricultural Policy at Jeonnam Province, stated, “This Rural Promotion Fund loan support program is a policy to help farmers and fishermen operate their businesses stably, so I hope it will be actively utilized.”
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