Jeongeup-si, Additional Support for Resident Income Support Fund Loans

[Asia Economy Honam Reporting Headquarters Reporter Kim Jae-gil] Jeongeup City, Jeonbuk Province, announced on the 29th that it will provide additional loans from the Resident Income Support Fund to farmers engaged in agriculture and residing in rural farming and fishing villages.

The support targets farmers who are actually engaged in farming and have lived in rural areas within the region for more than two years, and households that can establish a self-reliance foundation using the Resident Income Support Fund loans.

The support conditions are up to 30 million KRW per household, with a 2-year grace period and 4-year equal repayment (annual interest rate 2%), provided through credit guarantees in accordance with the Agricultural, Forestry and Fisheries Credit Guarantee Act by the entrusted financial institution, NongHyup Central Association Jeongeup Branch.

Farmers wishing to receive the loan must fill out a loan application form, obtain a recommendation from the head of their resident eup/myeon/dong office, and submit it to the eup/myeon office or dong community center of their address by the 6th of next month.

The selection of recipients will be decided by the Jeongeup City Resident Income Support Fund Operation Selection Deliberation Committee after reviewing disqualifications such as local taxes and non-tax revenue arrears.

Once selected as a funding recipient, loans can be provided by the entrusted financial institution of Jeongeup City according to creditworthiness.

A city official stated, “We will continue to manage the Resident Income Support Fund diligently to contribute to improving the income levels of residents in rural areas.”