Jeonbuk Province Supports Livestock Farms with 'Feed Purchase Policy Funds'

Easing Feed Cost Burden for Livestock Farmers

Jeonbuk Special Self-Governing Province will provide 148.2 billion KRW in 'Feed Purchase Policy Funds' to reduce livestock farmers' production costs and ease management burdens in the first half of the year.

According to the province on the 20th, this policy fund can be used by livestock farmers to purchase new feed or to repay amounts previously purchased on credit at relatively high interest rates.

The support conditions are 100% loan, 1.8% interest rate, and a lump-sum repayment after 2 years. Depending on the support unit price per animal by type of livestock, Hanwoo, dairy cattle, swine, and poultry farms can receive up to 600 million KRW.

In particular, farms participating in government policies, such as those involved in the cow fattening support project, sow traceability program, or those affected by preventive culling due to foot-and-mouth disease or AI, can receive expanded support of up to 900 million KRW.

Interested farmers can apply by visiting their local administrative welfare center (eup, myeon, dong). After reviewing the number of animals raised, outstanding loan balances, and support limits, selected recipients can execute loans at local agricultural or livestock cooperatives by June 12.

Meanwhile, a one-year repayment deferment will be implemented for Hanwoo farms that received the '2023 Feed Purchase Policy Fund.' Farmers wishing to defer repayment can obtain a confirmation from their city or county office and apply at the financial institution where the original loan was executed.

The province plans to inject 1.3 billion KRW to support interest payments for farms using the '2024 Feed Purchase Policy Fund,' providing differential support of 0.4% to 1.8% of the loan amount depending on livestock type and farm size to alleviate feed cost burdens.

Choi Jaeyong, Director of the Provincial Agricultural Life and Livestock Industry Bureau, said, "We will continue to expand practical support to reduce production costs and stabilize management for livestock farmers, including Hanwoo farms, who are struggling with rising feed prices and supply-demand imbalances."