Kim Shin: "Loans for Return-to-Farming and Rural Residents Must Not Be Blocked"... Proposes 'Financial Solutions'

"Urgent Need for Local Government Guarantee Funds"
Emphasizing 'Financial Policies' for Return-to-Farming and Rural Settlement

Kim Shin, Vice Chairman of the Policy Committee of the Democratic Party of Korea Central Party, has emphasized the need for local government-level guarantee systems to address the difficulties that return-to-farming, return-to-fishing, and return-to-rural residents face in obtaining loans from financial institutions.

Kim is continuing his policy activities focused on local issues, with an eye on running in the upcoming Wando County Governor election scheduled for June.

Kim Shin, Vice Chairman of the Policy Committee of the Democratic Party of Korea Central Party, is continuing his policy activities with the Wando County Governor election in mind. Photo by Kim Shin's office

On January 12, Kim stated, "Although the number of people wishing to return to farming and rural areas is increasing, there are still many cases where, during the actual settlement process, insufficient collateral and credit issues prevent them from obtaining loans from financial institutions, making it difficult to start businesses or secure a livelihood. Institutional supplementation at the local government level is urgently needed."

As alternatives, he proposed: ▲establishing a guarantee fund for return-to-farming and return-to-rural residents, ▲signing agreements with local financial institutions, and ▲building a support system for financial consulting.

He explained that a county-level "Return-to-Farming and Return-to-Rural Guarantee Fund" (tentative name) should be established to provide public guarantees to young people and new returnees who lack sufficient collateral, thereby improving their access to finance.

He also stressed the need to sign memorandums of understanding (MOUs) with local financial institutions such as the National Agricultural Cooperative Federation and the National Federation of Fisheries Cooperatives, so that projects approved by the local government can receive priority review and benefit from simplified loan procedures.

Additionally, he suggested that operating financial counseling centers through the county office or entrusted agencies, and establishing an integrated support system covering everything from credit assessment to document preparation and business plan consulting, would help increase the loan execution rate.

Kim stated, "This policy goes beyond simple financial support; it is a core strategy to address the crisis of regional extinction. Attracting return-to-farming and return-to-rural residents with high settlement potential and ensuring their actual self-reliance are key to sustaining the region."

He further emphasized, "We must build a multi-layered support model for return-to-farming and return-to-rural residents by linking it with the central government's Regional Extinction Response Fund and youth settlement support projects."

Meanwhile, Kim previously served as a member of the 4th and 5th Wando County Council and is currently the Vice Chairman of the Policy Committee of the Democratic Party of Korea Central Party. Drawing on his experience in local legislation and policy expertise, Kim is preparing to run in the Wando County Governor election in June.