Nong-eochon Gongsa Gurye Branch Actively Promotes Public Rental Purchase and Stockpiling Project

Execution of 1.7 Billion KRW Project Cost Exceeding 1.6 Billion KRW Public Rental Purchase Budget Out of Total 3.6 Billion KRW

[Gurye=Asia Economy Honam Reporting Headquarters, Reporter Yuk Miseok] Korea Rural Community Corporation Gurye Branch (Branch Manager Im Seongjae) announced that the public rental purchase and stockpiling project achieved its target early (105%) due to active project promotion and positive responses from farmers.

In 2022, out of the total farmland bank project budget of 3.6 billion KRW, 1.7 billion KRW was spent, exceeding the public rental purchase project budget of 1.6 billion KRW.

Im Seongjae, Branch Manager of Gurye, said, “Although the farmland area in the jurisdiction is not large, this result was achieved by actively promoting the project to local real estate agents, village chiefs, and rice-specialized farmers. We plan to operate a visiting customer center and do our best to exceed all project targets of the farmland bank project promoted by the corporation.”

Meanwhile, to stabilize farm management, the Korea Rural Community Corporation’s farmland bank will continuously expand support for the farm management recovery support purchase project, which purchases farmland from farmers temporarily facing management crises due to natural disasters or debt, and uses the sales proceeds to repay debts.

The farmers concerned can lease the sold farmland long-term for 7 to a maximum of 10 years at a rent within 1% of the purchase price (customary lease fee), and are granted a repurchase right to maintain continuity and stability in farming.

The eligibility criteria for the management recovery support project are farmers with debts of 40 million KRW or more to financial institutions and public institutions, and a debt-to-asset ratio of 40% or higher. Applications are reviewed and supported accordingly, with support limits of up to 1 billion KRW for individual farmers and 1.5 billion KRW for agricultural corporations.

Korea Rural Community Corporation Gurye Branch (Branch Manager Im Seongjae) stated, “We plan to provide various supports such as consulting and follow-up management to farmers who wish to receive support or have received support through the management recovery support project, and we will do our best to give hope to farmers.”

Gurye=Asia Economy Honam Reporting Headquarters, Reporter Yuk Miseok hss79@asiae.co.kr