Gyeonggi-do Provides 27.3 Billion KRW in Management and Facility Funds to Farmers and Fishermen

Gyeonggi Province will provide 27.3 billion KRW in agricultural and fishery management and facility funds to increase the income of farmers and fishermen and improve agricultural and fishery facilities.

On the 10th, Gyeonggi Province announced that it will offer low-interest loans at an annual rate of 1% totaling 27.3 billion KRW, divided into management funds and facility funds, to agricultural and fishery management entities engaged in horticulture, special crops, fruit trees, rice farming, livestock, and fisheries for more than one year within the province.

For management funds, individual agricultural and fishery management entities can receive up to 60 million KRW, and corporate entities up to 200 million KRW. For facility funds, individuals can receive up to 300 million KRW, and corporations up to 500 million KRW.

The loan terms for management funds require repayment within 2 years, while facility funds require individuals to have a 3-year grace period followed by 5 years of repayment, and corporations to repay evenly over 2 years. However, youth aged 18 to under 40 are eligible for a 5-year grace period followed by 10 years of even repayment.

Facility funds can be used for various purposes including farmland purchase, facility modernization and automation, seedling purchase, livestock stocking, and fishing vessel purchase.

Gyeonggi Provincial Government

Applications for this loan can be submitted through the agricultural departments of the resident city or county until the 28th.

Gyeonggi Province allocated funds to each city and county on the 28th of last month, and the cities and counties must select recipients within the allocated limits after completing reviews according to project guidelines. Gyeonggi Province plans to finalize recipients and begin loan support in May.

Park Jong-min, Director of the Agriculture, Fisheries, and Life Sciences Bureau, stated, "We expect this support project to provide practical help for the management stability and income increase of farmers and fishermen," adding, "We will continue to actively support the growth of farmers and fishermen through various support policies."

Meanwhile, last year, Gyeonggi Province provided 27.7 billion KRW in loans to 586 farms to aid in management recovery and facility restoration for farms damaged by heavy snowfall.