Namyangju-si Promotes Agricultural and Rural Development Fund Loan Project

Applications Accepted Until the 31st
Loan Support at 1% Annual Interest

Gyeonggi Namyangju City (Mayor Joo Gwang-deok) announced on the 21st that it will continue to promote the Agricultural and Rural Development Fund Loan Support Project this year, aiming to improve the income and quality of life of agricultural and fishery management entities engaged in farming, livestock, and fisheries.

Namyangju City Hall view. Provided by Namyangju City.

This project is funded by the Gyeonggi-do Agricultural and Rural Development Fund and provides low-interest loans (annual interest rate of 1%) for agricultural and fishery management funds and agricultural and fishery production distribution facility funds. Applications are accepted until the 31st.

The city supports agricultural and fishery management funds necessary for managing farming, livestock, and fisheries with an annual interest rate of 1% and a two-year maturity lump-sum repayment condition, up to 60 million KRW for individuals and up to 200 million KRW for corporations.

Additionally, the city supports agricultural and fishery facility funds used for establishing farming infrastructure such as land purchase and facility installation with an annual interest rate of 1%, up to 300 million KRW for individuals and up to 500 million KRW for corporations. The repayment terms are a 3-year grace period followed by 5 years for individuals, and a 2-year maturity with equal installment repayments for corporations.

Management funds are targeted at agricultural and fishery management entities with a residence in the jurisdiction and who have been engaged in farming, livestock, or fisheries for more than one year at a business site within Gyeonggi-do. Facility funds are targeted at agricultural and fishery management entities engaged in the relevant fields for more than one year at a business site within the jurisdiction.

Namyangju City plans to receive loan support applications through the administrative welfare centers of the relevant eup, myeon, or dong where the residence or business site (planned location) is located, prioritize applicants based on scoring criteria, and recommend them to Gyeonggi-do.

Finally selected farmers can receive loans at the NongHyup Namyangju City branch.