New farmers returning from urban area could receive a favorable loan up to 1 billion won ($US 0.9 million) starting July 1. 2015 in Korea

Date: 2015.03.16

On February 28, 2015, the Korean Government has submitted a revised bill on the agricultural credit guarantee law to the National Assembly, which allows new farmers who are returning from urban area to borrow money up to 1 billion won ($US 0.9 million) with the guarantee for bank loans utilizing the Korean agricultural credit guarantee fund. It is for promoting the concept of return to farming with financial support for settlement of new farmer returning from urban areas.   

Source: Korea Rural Economic Institute, Weekly Report on Agricultural Policy, March 10, 2015

(Research and summarized by Dr. Jeong-Bin Im)