Busan City Provides 'Emergency Operating Funds' to Livestock Product Processing Companies Affected by 'COVID-19'

[Asia Economy Yeongnam Reporting Headquarters, Reporter Ju-cheol In] Busan City announced on the 9th that it will provide emergency operating fund loans to livestock product processing companies affected by the prolonged COVID-19 pandemic.

The support target is meat packaging and processing business operators under the Livestock Products Sanitation Control Act. Applicants must have experienced a sales decrease of 10% or more compared to the same month last year due to COVID-19 damage, and must be certified under the Hazard Analysis and Critical Control Points (HACCP) system as of last year.

Out of 537 companies located in Busan, about 200 are expected to be eligible for support.

Among the support targets, companies that received an unsatisfactory evaluation in last year's HACCP operation level assessment or have received similar support such as small business management hardship funds or comprehensive food service operating funds are excluded.

The support fund limit is up to 100 million KRW per company (100% loan, fixed interest rate of 2-3% or variable interest rate, one-year grace period with lump-sum repayment).

The funds can be used for domestic live livestock funds, domestic raw meat purchase funds, and other operating funds, but cannot be used for purchasing imported livestock products.