Geochang-gun Implements Loan Support for Rural and Fisheries Development Fund

Operation and Facility Funds Loan Support of 1.765 Billion KRW

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Geochang-gun, Gyeongnam Province, is implementing the 2023 Rural Development Fund loan support for farmers within the jurisdiction and agricultural-related corporations and producer organizations with their main offices located in the area.

This Rural Development Fund provides loans at an interest rate of 1% for operating funds necessary for the management of agricultural and fishery businesses, such as purchasing seeds and fertilizers, as well as facility funds for expanding and improving equipment and facilities.

Also, starting this year, the loan limit for operating funds has been increased by 20 million KRW, allowing farmers to receive up to 50 million KRW and corporations and producer organizations up to 70 million KRW under the condition of a 1-year grace period followed by 3 years of equal repayment.

Geochang County Office, Gyeongnam.

The loan limit for facility funds remains the same as before, with farmers eligible for up to 50 million KRW and corporations and producer organizations up to 300 million KRW, under the condition of a 2-year grace period followed by 3 years of equal repayment.

Loan applications can be submitted by February 17 at the administrative welfare centers of the applicant’s address in the eup/myeon area, along with the application form, business plan, and estimates. After county review, the loan recipients and loan amounts will be finalized in March.

County Governor Goo In-mo stated, “With recent significant interest rate increases, many difficulties are expected in agricultural and fishery management, but we hope that the low-interest loan support at 1% will greatly help stabilize management and strengthen competitiveness.”