Buan County Provides Loan Interest Subsidies for Fishing Vessel Operators

For 95 Households...
"Ensuring Management Stability for Fishermen"

North Jeolla Province's Buan County has provided interest subsidy payments totaling 15 million won to 95 households of fishermen operating fishing vessels registered at local ports and holding coastal fishing permits.

According to the county on May 26, this subsidy was an additional payment following the previous disbursement of 160 million won in interest subsidies to 222 households through the third quarter of 2024, which took place in December last year. The additional payment was made as new loan interest accrued for the fourth quarter.

The fishing vessel loan interest subsidy, introduced for the first time last year, was established to support the management stability of fishermen. This was in response to increased debt burdens caused by declining catches due to changes in domestic and international conditions, as well as the deterioration of fishing business environments such as the release of contaminated water from the Fukushima nuclear power plant.

This year, the county plans to provide up to 1 million won per household to 125 fishing vessel households, with a total budget of 125 million won. To enhance convenience for recipients, the county will continue its policy from last year, processing the subsidies based on loan interest payment records received from the National Federation of Fisheries Cooperatives, so that recipients do not need to visit the county office in person to apply.

In addition, the county will finalize the list of recipients after verifying eligibility, including fishing operation records, compliance with fisheries-related laws, and any arrears in local taxes or non-tax revenues. The payments are scheduled to be made in the second half of the year.

A county official stated, "We hope that this support will be of some help to fishermen who are struggling due to worsening domestic and international fishing conditions," and added, "We look forward to this initiative encouraging fishermen to remain motivated and dedicated to their work, ultimately realizing the dream of prosperous fishing villages."