Sancheong-gun Provides Low-Interest Loans for Farmers' Business Stability Funds

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Sancheong-gun, Gyeongnam Province, is implementing a low-interest loan support project to stabilize the management of local farmers and strengthen agricultural competitiveness.

On the 25th, Sancheong-gun announced that it will provide loans worth 1.4 billion KRW as part of the Agricultural Development Fund support project in the second half of this year.

The county also conducted a loan support project in the first half of the year, providing loans worth approximately 2.4 billion KRW to 59 farms after review.

The support conditions are an annual interest rate of 1%, with a 2-year grace period and 3 years of equal installment repayment. The loan limit is up to 50 million KRW for individuals for both facility and operating funds, and up to 500 million KRW for agricultural corporations and producer organizations.

The support targets are farmers, agricultural corporations, and producer groups who have had their residence and business place in Sancheong for more than one year. Support is provided to farms recognized as having a management scale corresponding to the loan amount, good financial credit status, and the potential for management improvement through fund support.

Applications for the project are accepted until the 27th, and the eligible projects include operating and facility expenses necessary for agricultural management. After receiving applications, the loan recipients are finalized through a review committee composed of the county and financial institutions, and loans are provided through financial institutions.

Even if selected as a recipient, the loan limit may be adjusted according to the applicant's credit rating when applying for a loan at a financial institution.

A Sancheong-gun official stated, “We hope that appropriate loan support during this difficult time due to COVID-19 will ease the management burden on farms,” and added, “We will continue to implement agricultural policies that not only boost farming motivation but also contribute to income increase and competitiveness enhancement.”