Link and support start-up funds, technological and business education and consulting, and rental and sales of farmland purchased by the farmland bank for stock holding to encourage growth into a solid business entity.
Provide agricultural settlement subsidy to young farmers whose early income levels are unstable.
Through this, build a virtuous cycle that promotes the advancement of young and talented manpower into the agricultural sector and improve the labor structure in the agricultural industry by reversing the aging trend of farm owners.
Qualifications and Requirements of Youth Start-up Farmers
Applicants shall meet all of the following requirements:
A. Ages: Ages 18 – 40 as of project enforcement year
Age Requirements for 2018 Project: People born in January 1, 1978 – December 31, 2000
B. Farming Experience: Under 3 years in independent business (including those planning for independent business)
Independent businesses are recognized if the applicant himself (herself) provided the agricultural basis such as farmland and facilities under ownership (including rental*), have registered the agricultural business information (business owner) according to the ‘Act on Fostering and Supporting Agricultural and Fisheries Business Entities’ and is engaged in the agricultural business.
Qualification for 2018 Project: Business owners registered after January 1, 2015
* Year 1 of independent business (registered after January 1, 2017 – to be registered in 2018), year 2 (registered in January 1 – December 31, 2016), year 3 (registered in January 1 – December 31, 2015)
Agricultural Settlement Subsidy: Varies depending on farming experience
Business owners in year 1, 2 and 3 are given KRW 1 million, KRW 0.9 million and KRW 0.8 million per month respectively.
Exceptions: Personnel with a certain level of property and income shall be excluded.
Purpose of Use and Payment Method
Fund Purposes: May be used to pay for farm management cost and general household fund
However, it may not be used to acquire asset such as farmland or farming machines (if individual unit price is 1/4 or greater than the annual subsidy).
Card approval will be restricted in industries unsuitable for state subsidy card such as entertainment industry.
Payment Method: Issue a Nonghyup direct debit card and pay subsidy in vouchers
Cash outs and account transfers are not available. Payment by direct card only is available.
On receiving the business target confirmation notification, visit the nearest Nonghyup (local cooperatives or the city and county branch of the National Agricultural Cooperative Federation) and apply for youth farmer agricultural settlement subsidy direct debit card.
* You may need to set up an account if you do not already have a Nonghyup bank account.