Hamyang County Accepting Income Specialization Loan Applications for Farmers and Fishermen

Fully County-Funded

Support for Operating and Facility Funds to Stabilize Management

Hamyang County, South Gyeongsang Province, announced that it will be accepting loan applications for the "2026 Second Half Income Specialization Support Project" until July 30 to stabilize the management and strengthen the income base of local farmers and fishermen.

The Income Specialization Support Project is a county-funded initiative designed to support the management improvement and income increase of farmers and fishermen. The county plans to provide low-interest loans at an annual rate of 1.0% to ease the financial burden on agricultural and fishery workers.

[Photo by Hamyang County] Hamyang County is accepting loan applications until July 30th for the "2026 Second Half Income Specialization Support Project" to stabilize management and strengthen the income base of local farmers and fishermen. Panoramic view of Hamyang County Office

Eligible applicants are farmers and fishermen who are registered as agricultural business entities, reside in Hamyang County, and are actually engaged in agriculture or fishery work.

The loan limit for individuals is up to 30 million won for operating funds and up to 50 million won for facility funds. For corporations, the limit is up to 50 million won for operating funds and up to 100 million won for facility funds.

The repayment terms are as follows: operating funds are to be repaid in equal installments over three years after a one-year grace period, and facility funds are to be repaid in equal installments over three years after a two-year grace period.

The supported funds can be used for purchasing agricultural materials such as seeds, seedlings, pesticides, and fertilizers, as well as for land, facility, and equipment rental fees, transportation costs, and the costs related to distribution, sales, and processing—essentially, operating and facility funds required for agricultural and fishery management.

Farmers and fishermen wishing to apply for the loan must visit their local township or town office by July 30 and submit an application form, a farming plan, and other relevant documents. The county will review the appropriateness of the business plans to make the final selection of beneficiaries.

A Hamyang County official stated, "We will continue to implement this project to support the management stability of farmers and fishermen, and we will do our best to guide applicants through the procedures."

In a situation where the management burden on farmers and fishermen is increasing, the provision of low-interest loans can be an effective policy to help resolve funding difficulties. However, in order to maximize the policy’s effectiveness, it should be linked not only to loan support but also to measures such as expanding sales channels and ensuring income stability, so as to strengthen the competitiveness of farming households in a meaningful way.

This content was produced with the assistance of AI translation services.