Gyeonggi-do Provides 10 Billion KRW in Facility Funds for Farmers and Fishermen... Up to 200 Million KRW at 1% Annual Interest

Gyeonggi Provincial Government

Gyeonggi Province is launching a low-interest loan program to support agricultural and fishery production and distribution facility funds aimed at improving facilities for farmers and fishers and increasing their income.

On the 16th, Gyeonggi Province announced that it will accept applications for the "2024 Agricultural and Fishery Production and Distribution Facility Fund Support Project" until the 30th.

The agricultural and fishery production and distribution facility fund support project provides low-interest loans to farmers and fishers in Gyeonggi Province to improve their income and competitiveness by financing the installation of production, distribution, and processing facilities. The funds can be used for purchasing farmland, modernizing and automating facilities, buying seedlings, livestock stocking, and purchasing fishing vessels.

The loan targets are agricultural and fishery management entities engaged in horticulture, specialty crops, fruit farming, rice farming, livestock, and fisheries for more than one year at business sites within the province.

Individuals can receive support up to 100 million KRW, and corporations up to 500 million KRW. However, this year, fruit and vegetable farms can receive loans up to 200 million KRW. The interest rate for borrowers is 1% per annum, and repayment terms are 3 years grace period plus 5 years repayment for individuals, and 2 years maturity with equal installments for corporations.

For youth aged 18 to under 40, a 5-year grace period with 10 years of equal installment repayment is available.

Earlier this year, as fruit prices surged, Gyeonggi Province increased the Agricultural and Rural Promotion Fund (Agricultural and Fishery Production and Distribution Facility Fund) from 6.5 billion KRW to 10 billion KRW in March. This measure was taken to prevent cold damage and modernize production facilities for fruit and vegetable farms to enhance stability in the agricultural sector.

Gong Jeong-sik, Director of the Gyeonggi Province Agriculture, Fisheries and Life Sciences Bureau, said, "We hope to build a more competitive agricultural environment and contribute to revitalizing the local economy through this low-interest loan program. In addition to loan support for farmers, we will continue to implement policies to create stable management conditions through various subsidies, technical support, and educational programs."