Promotion of Chungnam Livestock Business Special Guarantee
through the Chungnam Livestock Business Special Guarantee Task Force
Chungnam Province announced on the 11th that it will actively promote the "Chungnam Livestock Business Special Guarantee Support" to alleviate the management burden of local livestock farmers and strengthen the competitiveness of the livestock industry.
The special guarantee will be carried out through the "Chungnam Livestock Business Special Guarantee Task Force," which is jointly organized by the province, NongHyup Bank, the Livestock Cooperative, and the Chungnam Credit Guarantee Foundation.
Currently, livestock farmers are facing various difficulties in management due to rising feed prices, declining cattle prices at the origin, and issues with collateral for livestock facility loans.
Accordingly, the province will provide a total of 1 trillion won in special guarantees by contributing guarantee funds with NongHyup Bank and the Livestock Cooperative at a 2:1 ratio, aiming to reduce the management burden of livestock farmers and modernize livestock facilities as part of agricultural and rural structural reforms.
The operating amount for the first year of the special guarantee is 64.8 billion won, which will be managed by the Chungnam Credit Guarantee Foundation as part of the livestock business special guarantee support.
For local livestock farmers, 100% full guarantees will be provided for funds needed to operate livestock businesses, with a guarantee limit of up to 200 million won per farm and a guarantee period of up to 10 years.
Lee Jeongsam, Director of the Provincial Agricultural and Livestock Bureau, said, "We hope this support program will become a breakthrough for livestock farmers facing financial difficulties and an opportunity to enhance the competitiveness of the livestock industry in the province," urging local livestock farmers to take interest and actively utilize the program.
Meanwhile, the Chungnam Livestock Business Special Guarantee Task Force plans to continue mutual cooperation to alleviate the management burden of local livestock farmers, generate income, and improve the negative image caused by livestock odors through financial support such as livestock special guarantees.
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