Applications Accepted at Local Eup and Myeon Offices Until the 11th of Next Month
Up to 300 Million KRW for Start-ups, 75 Million KRW Limit for Housing Purchase or Construction
Damyang-gun, Jeollanam-do (Governor Lee Byungno) announced on the 29th that it is accepting applications for the first half of this year for the support program for agricultural start-ups and housing purchases for returning farmers. The application period runs until the 11th of next month, and applications can be submitted at the local eup or myeon office according to the applicant's address.
This program utilizes Nonghyup funds to provide low-interest credit and collateral loans to eligible participants, with the government covering the difference between the market interest rate and the loan interest rate through the national budget.
The maximum loan amount for agricultural start-ups is 300 million KRW per household, and for housing purchase or new construction, it is up to 75 million KRW per household. The loans can be fixed-rate (annual 2.0%) or variable-rate. The repayment method is a 5-year grace period followed by 10 years of equal principal installments. The final loan amount is determined based on the applicant’s business performance, credit, and collateral evaluation, so it is recommended to check your credit status and appropriate loan amount with Nonghyup and the Korea Credit Guarantee Fund before applying.
From this year, the scope of off-farm employment allowed to earn living expenses has been expanded, and household members are also eligible to apply. However, only one person per household, including the head of household listed on the resident registration, can apply, and in the case of married couples, only one person can receive support even if they are registered as separate households. Selected participants must reside at the business location and engage in agriculture for the entire 15-year repayment period. The county will conduct an annual survey to ensure that the support funds are being used appropriately by returning farmers.
The county also provides education and counseling to objectively assess business feasibility and ensure applicants are well-prepared to receive business funds, through programs such as farmer training and mentoring support.
A county official stated, "Applying for the returning farmer program solely for the purpose of obtaining low-interest loans without a concrete farming plan should be avoided," and added, "We will do our utmost to ensure that policy funds are used appropriately to help returning farmers settle in Damyang-gun, from project selection to post-management."
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