Dangjin City Accepts Applications for Support Program for Returning Farmers' Agricultural Startups and Home Purchases

Aerial view of Dangjin Agricultural Technology Center in Chungnam. /Dangjin City

The Dangjin Agricultural Technology Center in Chungnam announced on the 10th that it is accepting applications for the Rural Returnees Agricultural Startup and Housing Purchase Support Program until the 10th of next month.

The Rural Returnees Agricultural Startup and Housing Purchase Support Program is an interest subsidy project that utilizes Nonghyup funds to provide low-interest credit and collateral loans to eligible applicants, with the government budget covering the difference between the market interest rate and the loan interest rate.

With an annual interest rate of 2.0%, up to 300 million KRW per household is available for agricultural startups, and up to 75 million KRW per household for housing purchases. The repayment method is a 5-year grace period followed by equal principal repayments over 10 years.

Funds for agricultural startups can be used for purchasing farmland, greenhouse facilities, nutrient solution cultivation facilities, mushroom cultivation houses, installing and purchasing storage facilities, purchasing agricultural machinery, and purchasing livestock farm sites.

Funds for housing purchase can be used for purchasing land, buying or building new houses, and for extensions or renovations.

Eligibility requirements include being a household head or a member under the age of 65 as of the application year, who has lived outside rural areas for more than one year and has moved to a rural area of Dangjin within the past five years; non-farming residents who have been registered in a rural area for more than one year but have not engaged in agriculture; and those planning to move to a rural area of Dangjin within the year.

Applicants will be selected through a document review of the application and agricultural startup plan, as well as an interview by the Project Selection Committee. The loan amount may be less than or none of the requested amount depending on the loan review results of Nonghyup and the Korea Credit Guarantee Fund for Agriculture, Forestry and Fisheries.

Applications must be submitted in person to the Future Agricultural Development Team of the Rural Development Division at the Dangjin Agricultural Technology Center. Before applying, applicants should check the detailed program guidelines regarding eligibility, exclusions, and important notes for loans.