Jeonnam-do Extends Repayment Period for Hanwoo Farmers' Feed Purchase Loans by One Year

Applications accepted at city and county offices until the end of the year

Jeonnam Provincial Office building exterior.

Jeollanam-do will extend the repayment period for feed purchase loans maturing this year by one year for Hanwoo and beef cattle farms.

The support targets livestock farms and corporations that received feed purchase loans in 2023 and are licensed or registered Hanwoo and beef cattle farms.

The feed purchase loan for livestock farms is provided annually (interest rate 1.8%, lump-sum repayment after a 2-year grace period) to support the purchase of new feed and repayment of existing credit balances.

Farms wishing to extend the repayment period must apply to their respective city or county by December 31 and obtain a confirmation letter as a beneficiary of the repayment deferral program.

However, if collateral, credit, or other loan conditions have changed compared to when the loan was executed in 2023, the deferred repayment amount may be reduced or denied depending on the extent of the changes.

Kim Sungjin, Director of Livestock Policy at Jeollanam-do, said, "This measure is to help stabilize the management of Hanwoo and beef cattle farms struggling with the recent surge in feed prices," and urged, "All farms wishing to extend the repayment period should apply without omission."

Jeollanam-do supports feed purchase loans every year to stabilize the management of livestock farms, with 137.1 billion won provided in 2023 and 148 billion won in 2024.

Jeollanam-do is the only region in the country to allocate a separate budget and has subsidized 1% of the loan interest for farms that completed feed purchase loans since 2023 (2.4 billion won in 2023 and 1.4 billion won in 2024), and plans to secure and provide 1.5 billion won this year as well.