Gochang-gun Promotes 'Return-to-Farming Agricultural Startup and Housing Purchase Support Project'

Gochang-gun, Jeonbuk, is recruiting applicants for the second half of the year for the Returning Farmers' Agricultural Start-up and Housing Purchase Support Project until the 7th of next month to promote regional revitalization through the safe settlement of returning farmers and the cultivation of new agricultural manpower.

According to the county on the 15th, this support project provides low-interest loans for returning farmers to start agricultural businesses and secure housing spaces, with interest subsidies covered by government funds. The agricultural start-up fund has a limit of 300 million KRW per household, and the housing purchase fund has a limit of 75 million KRW.

Exterior view of the Residential Agricultural Startup Support Center
[Photo by Gochang-gun]

The interest rate is 1.5% per annum, with a 5-year grace period and a 10-year equal principal repayment plan.

Applicants must be household heads aged 65 or younger as of the application year (born on or after January 1, 1957), who have continuously resided outside rural areas for more than one year and moved into rural areas within the last five years. They must be returning farmers or non-agricultural residents in rural areas who have completed at least 100 hours of farming education for returning farmers to be eligible.

As a pledge project of the 8th local government administration, the county plans to additionally support 1% of the self-paid interest paid to banks for policy fund loans (fixed interest rate) executed from this year for three years using county funds to help returning farmers, whose initial income is unstable, settle early.

A county official said, “This project is intended to help returning farmers settle stably in rural areas, but since there are several conditions such as having to engage exclusively in agriculture until the final repayment, we ask applicants to establish a thorough business plan before applying.”

Those interested can apply to the Returning Farmers and Returning Residents Team at the Agricultural Technology Center by the 7th of next month. For more details, refer to the announcement on the county website or contact the Returning Farmers and Returning Residents Team.

Gochang = Asia Economy Honam Reporting Headquarters, Reporter Kim Jaegil baekok@asiae.co.kr