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Ulsan to Introduce Promotional Loan for Farming and Fishing Villages

According to Yonhap News,

(ULSAN = Yonhap News) Ulsan announced its “promotional loan initiative for farming and fishing villages” on January 2 to finance a total of KRW 5 billion for local farming and fishing households.

The application will be accepted between January 6 and February 6 by local township offices and community centers.

Local famers, fishermen, agricultural corporations, producer associations and joint venture are subject to the loan.

The loan will be provided for businesses projects for local income improvement, development of local specialties, environmental-friendly agriculture, stabilization of local distribution systems, development of export items and promotion of agri-food.

Individual farmers and fishermen can receive up to KRW 70 million, while joint ventures and corporations will be financed up to KRW 150 million and KRW 500 million respectively.

Equipment fund is payable in four years with a two-year grace period, while operational fund shall be paid after three-year grace period and a floating interest rate will be applied.

Ulsan plans to subsidy the interest differential to lessen interest burden of borrowers.

The loan period is from April 1 to March 31 in 2015.

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Source Text

Source: Yonhap News (Jan. 1, 2014)

** This article was translated from the Korean.