Gyeongbuk Province Provides 75 Billion KRW Loan Support to Farmers and Fishermen Affected by COVID-19

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Young-wook] Gyeongsangbuk-do announced on the 30th that it will provide loan support worth 75 billion KRW to farmers and fishermen struggling due to the novel coronavirus infection (COVID-19).

First, 10 billion KRW of management stabilization funds will be loaned to individuals up to 20 million KRW and to agricultural and fishery corporations up to 50 million KRW under the conditions of a 2-year grace period and 3-year equal installment repayment, with interest waived this year.

The 65 billion KRW Rural Development Fund, which has already been allocated for each project this year, will be prioritized for use by farmers and fishermen affected by COVID-19 after assessing urgency. Additionally, the repayment period for the previously supported 100 billion KRW Rural Development Fund will be extended by one year, and all interest for this year will be waived.

The province has been establishing the Rural Development Fund since 1993 through contributions and operating revenues in cooperation with cities, counties, the NongHyup (National Agricultural Cooperative Federation), and the SuHyup (National Federation of Fisheries Cooperatives). To date, 232.1 billion KRW has been accumulated, providing significant help to overcome crises for farming and fishing households through low-interest loans at an annual rate of 1%.

Kim Jong-su, Director of the Agriculture, Livestock, and Distribution Bureau of Gyeongbuk Province, said, "We hope that the emergency support from the Rural Development Fund, extension of repayment deadlines, and interest waivers will be of real help to farmers and fishermen in difficulty."