To grow competitive agricultural businesses through farming start-up funds, training for technology and business management, consulting, leasing and purchase of farmland by Farmland Bank
To provide financial support for young farm successors who have unusable income to settle in the farming business
In doing so, to create a virtuous cycle of nurturing young and talented labor in the agricultural industry with the aim to improve labor structure of agriculture by alleviating the aging of farm owners
Eligibility and criteria to apply for young farm successors
Applicants shall meet all of the following requirements.
A. Ages: Aged from 18 to 40 as of the year of implementation - For 2021 implementation: born from Jan 1, 1981 to Dec 31, 2003
Age Requirements for 2018 Project: People born in January 1, 1978 – December 31, 2000
B. Farming Experience: Under 3 years of experiences in independent business management (including prospect business owners) -Independent business management means the applicant provides farmland and facilities under his or her ownership (including leasing*), registers the information of agricultural business management (business owner) in accordance with 「Act on Fostering and Supporting Agricultural and Fisheries Business Entities」 and is engaged in the agricultural business - For 2021 implementation: Business owners registered after January 1, 2018 * The first year of independent business management (registered from January 1, 2020 to 2021), the second year (registered in January 1 – December 31, 2019), the third year (registered from January 1 to December 31, 2018)
C. Income: Excludes those with a certain income or higher, including health insurance premiums (refer to the Business Implementation Guidelines)
Support for agricultural business: by farming experiences
Business owners in the first, second and third year 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
Purpose of Use: to pay for farm business management and general household cost
However, it may not be used to acquire asset such as farmland or farming machines (if the unit price is 1/4 or greater than the annual support).
Payment by credit card will be restricted in case of entertainment, purchase of luxury goods, excessive consumption and be used only in industries where the support is allowed
Payment: Issue a Nonghyup debit and credit card and vouchers
Cash withdrawals and bank account transfers are not available. Payment by credit or debit card only is available.
On receipt of confirmation, the applicant can visit the nearest Nonghyup (local cooperatives or the city and county branch of the National Agricultural Cooperative Federation) and apply for the fund by using a credit or debit card.
* Need to open an account if not having one at Nonghyup bank
Application Period: From Dev 28, 2020 to Jan 29, 2021 at 18:00