Jeonnam Province announced on the 12th that it has finalized 60 recipients for the Green Livestock Promotion Fund loan project to foster environmentally friendly livestock farming and promote sustainable livestock industry development, providing low-interest loans totaling 25.1 billion KRW.
The Green Livestock Promotion Fund supports eco-friendly livestock farms and livestock product processing and distribution companies.
In order to alleviate the management burden on livestock farmers facing difficulties due to recent interest rate hikes and rising feed prices, priority was given to small-scale livestock farmers below full-time operation scale for purchasing bedding and livestock product raw materials.
Accordingly, low-interest loans at an annual rate of 1% will be provided for 44 cases of facility funds amounting to 23.4 billion KRW for new construction, renovation, expansion of livestock barns, and internal facilities, and for 16 cases of operating funds amounting to 1.7 billion KRW for purchasing bedding and raw materials to improve breeding environments.
The support limits are up to 3 billion KRW for facility funds for farmers, corporations, and livestock product processing and distribution facilities; and up to 400 million KRW for farmers and corporations, and up to 600 million KRW for livestock product distribution and processing businesses for operating funds.
Repayment conditions are a 2-year grace period followed by 8 years of equal installments for facility funds, and a 2-year grace period followed by 3 years of repayment for operating funds.
Park Dohwan, head of the Livestock Policy Division of Jeonnam Province, said, “Livestock farmers are facing significant difficulties due to rising feed prices and production costs. We hope this loan support will help stabilize the management of livestock farms even a little, and we will continue to implement various support measures to strengthen livestock competitiveness in the future.”
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