[Asia Economy Sejong=Reporter Kim Hyewon] NongHyup Mutual Finance announced on the 30th that the NongHyup Central Association will launch the 'New Start Rural Hope Low-Interest Loan' on the 1st of next month, which supports up to 1.5% interest and allows customers to receive a minimum annual interest rate in the 2% range to reduce the burden of farming fund costs during the interest rate hike period.
Youth startup farmers, returnees to farming, and members of agricultural and livestock cooperatives can apply for new loans for operating funds or refinancing existing farming funds at nearby agricultural and livestock cooperatives, with a maximum of 50 million KRW per person and a period within 3 years. The total limit of the New Start Rural Hope Low-Interest Loan is 1 trillion KRW, and it is expected to benefit about 20,000 farmers with approximately 45 billion KRW amid the recent high-interest rate trend.
Lee Sung-hee, Chairman of NongHyup Central Association, said, "Through the interest support for 1 trillion KRW in farming funds this time, we hope to reduce the production cost burden for farmers during the interest rate hike period and help them focus solely on farming." He added, "We will continue to seek various measures to revitalize agriculture and rural areas, including agricultural finance support, helping with farm labor, and promoting the consumption of domestic agricultural products, to realize a 100-year NongHyup that works together with farmers."
On the 7th, NongHyup announced a plan to promote a 360 billion KRW scale 'Warm Companionship with the People' win-win project to contribute to stabilizing consumer prices and support farmers, small business owners, and others.
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