Sancheong-gun Promotes Farm Management Stability... Agricultural Development Fund Loan Support

Applications from February 1 to 28 for 6.3 Billion KRW

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Sancheong-gun, Gyeongnam Province, is implementing a low-interest loan support project with an annual interest rate of 1% to stabilize the management of local farmers and strengthen agricultural competitiveness.

Sancheong-gun announced on the 26th that it will provide loans worth 6.3 billion KRW through the '2023 Agricultural Development Fund Loan Support Project.'

This project will be conducted in two phases: the first half and the second half of the year. Loan applications for the first half will be accepted from February 1 to 28, supporting operating funds for agricultural product production, processing, distribution, sales, and export, as well as facility funds needed for agricultural infrastructure.

Photo of organic Korean beef pasture grazing in Sancheong, Gyeongnam.

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

Eligible applicants are farmers, agricultural corporations, and producer groups who have had a residence and business place in Sancheong for more than one year.

Sancheong-gun plans to support farms that have a management scale corresponding to the loan amount, maintain good financial credit status, and are recognized as capable of improving management through fund support.

Those currently receiving other policy funds or already repaying loans from the Sancheong-gun Agricultural Development Fund or the Gyeongnam Province Rural Development Fund are not eligible for support.

Applications can be submitted through the local town or township offices of the applicant's residence. Required documents for application can be checked at the town or township offices or on the Sancheong-gun official website's announcement section.

Eligible applicants will be finally notified in March after credit checks and review committee evaluations.

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

Sancheong-gun explained that actual loan disbursement will take place from the end of March through June.

A county official said, "We hope this project will help reduce the management burden on farmers who are suffering from the triple hardships of COVID-19, deteriorating agricultural management, and high interest rates. We will continue to implement agricultural policies that not only boost farmers' motivation for farming but also contribute to increasing their income and strengthening competitiveness."

The schedule for loan support in the second half of the year will be announced through the Sancheong-gun website and local town and township offices.