Gokseong-gun is promoting the Resident Income Support fund loan support project in 2025. Gokseong-gun (Governor Jo Sang-rae) will be accepting applications and applications starting on the 6th of this month for loan support from the Resident Income Support Fund for 2025. The Resident Income Support Fund Loan Support Project is a project that provides loans for facility funds or operating funds in the income-generating areas of residents at a low interest rate of 1%.
the support field covers all income-generating businesses, including agricultural and livestock industries and also non-agricultural fields. The purpose of the project is to help residents build their income base through low-interest loans.
In the case of facility funds, up to 80% of the total project cost is supported with a limit of 200 million won for individuals and 300 million won for corporations and organizations, subject to a 4-year grace period and 5-year equal repayment. In the case of operating funds, 100% of the total project cost is supported by a loan of up to 100 million won per person, either as a lump sum repayment over a 2-year grace period or equal repayment over 3 years over a 2-year grace period.
Applicants for the project must visit the Gokseong-gun branch of Nonghyup in advance, consult with a loan manager, and recieve confirmation of loan availability considering collateral capacity, etc.
A military official said,“We hope that low-interest loans will stimulate investment in agriculture and help increase the income of county residents.”
Meanwhile, Gokseong-gun held a meeting at the Daetongmaru of the county office on the 4th to actively respond to population decline and seek effective operation strategies for the local extinction response fund. It was reported that it was held.
This meeting is the last strategic meeting to end in 2024, and 35 people, including the mayor of Gokseong-gun, the chairman and vice-chairman of the Gokseong-gun Council, members of the working council of the public-private-industry-academic cooperation group, and heads of fund project promotion departments, attended the meeting to discuss the results of the evaluation of the 2025 local extinction response fund investment plan. We shared the details of business adjustments and the status of major projects currently being promoted using funds, and discussed the direction of operation of next year’s local extinction response promotion system strategy meeting.
At this meeting, committee members presented the need to specify ways to utilize the fund so that practical policies tailored to regional characteristics can be promoted, and argued that there should be continuous monitoring and feedback on fund projects to this end.
Gokseong-gun received a good grade in the 2025 local extinction response investment plan evaluation and secured KRW 7.2 billion for the ‘Gokseong Vital Water’ project (KRW 900 million), a vitality center for residents and immigrants selected in the regional vitality town contest in May this year, and ongoing projects.The plan is to promote the operation of a smart farm campus for young farmers (KRW 3.7 billion) and the Gokseong-type youth housing town project (KRW 2.6 billion).
In addition, Gokseong-gun is pursuing eight projects by securing a total of KRW 47.2 billion, including KRW 35.2 billion in basic funds and KRW 12 billion in regional funds, from 2022 to 2025, the first year of the fund project. Last October, in order to increase the execution rate of fund projects, short-term execution will be difficult. we are accelerating the promotion of the projects by adjusting the project costs of the two projects that are judged to be triumphant.
A Gokseong-gun official said, “This year, there were many shortcomings in securing funds due to disappointing evaluation results, but next year, we will strive to receive excellent results in the 2026 evaluation by establishing strategies and discovering projects that emphasize regional characteristics.”
Gokseong-gun Mayor Jo Sang-rae said, “I would like to thank the members of the public-private-industry-academia cooperation working council members who have worked together to overcome the local extinction crisis throughout the year.” He added, “Response to local extinction requires a long-term and extensive approach beyond short-term solutions, so everyone will stay and live in the future.” “We will establish policies that reflect opinions from various fields to create a hopeful future.”
Economy Queen Reporter Hana Choi Photo: Gokseong-gun
What types of projects are eligible for funding under the Resident Income Support fund Loan Support project in Gokseong?
Interview Title: Supporting Residents in Gokseong: A New Opportunity in Income Generation
Time.news Editor (TNE): Welcome to frequently enough informative segment! Today, we have the pleasure of speaking with Governor Jo Sang-rae from Gokseong-gun, who is here to discuss the exciting new initiative: the Resident Income Support Fund Loan Support Project for 2025.Thank you for joining us, Governor Jo.
Governor Jo Sang-rae (GJR): Thank you for having me. It’s a pleasure to discuss this initiative that aims to benefit our residents.
TNE: Let’s dive right in. Can you explain what this Resident Income Support Fund Loan Support Project entails?
GJR: Absolutely. The project is all about providing our residents with access to low-interest loans to support their income-generating activities. Starting from the 6th of this month, individuals and organizations can apply for loans at an incredibly low rate of 1%. This support extends across all income-generating sectors, including agriculture, livestock, and even non-agricultural fields.
TNE: It sounds like a complete initiative. How much financial assistance can residents expect from this programme?
GJR: For facility funds, we can support up to 80% of the total project cost, with a cap of 200 million won for individuals and 300 million won for organizations.Additionally, there’s a considerable grace period of 4 years, followed by a 5-year equal repayment plan. For operating funds, residents can receive up to 100 million won to help cover their entire project costs, which can be repaid either as a lump sum or in equal installments over 2 years.
TNE: Those are some generous terms. What motivated Gokseong-gun to introduce such a program?
GJR: We recognized a pressing need in our community to help residents build and sustain their income bases. By providing affordable financing, we intend not only to uplift individual businesses but also to foster local economic development. The hope is that this initiative will stimulate growth and create more job opportunities within our community.
TNE: That’s a commendable goal! How do you envision this initiative impacting the community in the long run?
GJR: Our vision is to create a strong, self-sustaining economy in Gokseong. By enabling residents to invest in their businesses, we’re laying the groundwork for more diversified income sources, which, in turn, increases resilience against economic hardships. We believe a thriving local economy will ultimately enhance the quality of life for all of our residents.
TNE: What advice would you give to potential applicants looking to take advantage of this opportunity?
GJR: Start by assessing your business needs clearly — whether you require funds for facilities or operations. Prepare a solid business plan, as this will help demonstrate viability and urgency. Most importantly,don’t hesitate to reach out to our advisory services. We are here to support you every step of the way.
TNE: Thank you, Governor Jo. Your insights on this initiative are enlightening. In closing, do you have any final thoughts for our audience?
GJR: Just that we’re excited about the potential this program holds for our community. We encourage all residents to take advantage of this opportunity and work together towards building a prosperous future for Gokseong.
TNE: Thank you once again, Governor Jo, for your time and for discussing such an crucial initiative with us. We look forward to seeing the positive impacts it will have in the community.
GJR: Thank you for having me. LetS keep working towards a brighter future!