Pyeongtaek-si Provides Additional Financial Support to Farms Affected by Heavy Snowfall

Agricultural Competitiveness Fund Loan Repayment Deferral and Interest Reduction
Additional Support for Disaster Countermeasure Operating Funds

At the end of last month, Pyeongtaek City in Gyeonggi Province announced on the 12th that it will implement ▲ deferment of loan repayments and interest reductions for the Agricultural Competitiveness Enhancement Fund ▲ additional support projects for disaster management operating funds to facilitate smooth recovery and stabilize management for farmers affected by heavy snowfall.

The Agricultural Competitiveness Enhancement Fund was established in 1996 to improve the quality of life for farmers and reduce their financial burdens. The loan limits are KRW 20 million for operating funds (lump-sum repayment after 2 years) and KRW 100 million for production and distribution facility funds (3-year grace period, 5-year equal installments), with an annual interest rate of 1.0% applied.

The city decided to defer loan repayments by one year and reduce interest for farmers affected by the heavy snowfall. The beneficiaries are 70 farms selected for the Agricultural Competitiveness Enhancement Fund projects from 2016 to 2024. The city will accept applications at the NH Nonghyup Bank Pyeongtaek branch until the end of this month and process the changes accordingly.

The city will also provide special disaster management operating fund loans to farms affected by the disaster in January next year. The support limit is KRW 20 million per farm (lump-sum repayment after 2 years) with an annual interest rate of 1%. Applications for the disaster management operating funds will be accepted through eup, myeon, and dong offices for two weeks from the 23rd of this month to January 3rd next year. After receiving applications, the city will conduct evaluations and reviews and begin lending from January next year.

For detailed information about this support measure, please contact the Agricultural Policy Division, Agricultural Administration Team of Pyeongtaek City.

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