"Providing Loans for Farmers" ... Gimhae City Supports with a Total of 1.8 Billion KRW

Apply at your local Eup, Myeon, or Dong Administrative Welfare Center by February 15

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Sang-hyun] Gimhae City, Gyeongnam Province, is providing rural development funds to improve the management and strengthen the competitiveness of farmers and fishermen.

On the 28th, the city announced that it will provide loan support for operating and facility funds using 1.8 billion KRW from the Rural Development Fund in accordance with the Gyeongsangnam-do "Ordinance on the Establishment and Operation of the Rural Development Fund."

The support targets are farmers and fishermen residing in Gimhae City who have farms and workplaces in the area, as well as agricultural and fishery-related corporations and producer organizations, with an annual loan interest rate of 1.0%.

The operating funds have a repayment condition of a 1-year grace period and 3 years of equal installments, with a support limit of 30 million KRW for individuals and 50 million KRW for corporations.

The facility funds have a repayment condition of a 2-year grace period and 3 years of equal installments, with a support limit of 50 million KRW for individuals and 300 million KRW for corporations.

The loan target projects include expenses for purchasing materials such as seeds, pesticides, and fertilizers; purchasing agricultural tools and small agricultural machinery; utility and power costs; usage fees; land, facility, and equipment rental fees; transportation costs; and operating funds necessary for distribution, sales, and processing.

Additionally, facility funds are also provided for the expansion and improvement of equipment and facilities in the agriculture, fishery, livestock, and floriculture industries.

Support covers up to 70% of the project cost, and duplicate applications are not allowed.

Those wishing to apply for loan support should visit their local eup, myeon, or dong administrative welfare center to fill out the application form and business plan and submit them by February 15.

A city official said, "We hope this will provide some help to farms affected by COVID-19," and added, "We will continue to devise various measures to secure the self-reliance of farmers and stabilize their management."