Jeongeup-si, Inspection of the Operation Status of the 'Agriculture, Forestry and Fisheries Development Fund'

18 Businesses Benefiting from 'Yungja Loans'

Jeongeup City in Jeonbuk announced on the 6th that it conducted an operational inspection targeting beneficiaries of the Agricultural, Forestry and Fisheries Development Fund support project until the 5th.

Through the Agricultural, Forestry and Fisheries Development Fund support project, the city provides general farms with a low-interest rate benefit of 1% per year for two years, and young farmers under the age of 45 with interest-free funds for one year. To this end, the city has contributed 1.5 billion KRW since 2008.

Jeongeup City Hall exterior view. [Photo provided by Jeongeup City]

The Agricultural, Forestry and Fisheries Development Fund is a system that lends production facilities and operating funds to farmers at a low interest rate of 1-2%, reducing the burden on farms and helping stable management.

This inspection was conducted on a total of 18 businesses that received loan financing between July 2022 and June of this year. The inspection targets included 8 businesses involved in purchasing and storage projects and 10 businesses in farm management stabilization projects, with loans amounting to 21.68766 billion KRW.

The city focused on verifying whether the fund is being effectively operated according to its original purpose, whether the projects are progressing as planned, and whether completed projects are being operated normally.

A city official said, "This inspection was a process to confirm that the Agricultural, Forestry and Fisheries Development Fund is practically helping farm management and that the fund is being used according to its original intent. We plan to continue to prepare and implement various measures to increase farmers' income and stabilize management."

The official added, "Based on the inspection results, we will further strengthen policies that help farm management and actively supplement any areas that need improvement to ensure the Agricultural, Forestry and Fisheries Development Fund is operated efficiently."