Siheung City Offers Up to 300 Million Won in Startup Loans and 75 Million Won in Home Purchase Loans for Returning Fishermen

Siheung City Accepting Applications Until July 16 1.5% Annual Interest, Five-Year Grace Period, Ten-Year Installment Repayment

Siheung City in Gyeonggi Province is providing low-interest loans for business startups and home purchases to help returning fishermen and urban-to-rural migrants settle stably in fishing villages.

Aerial view of Siheung City Hall. Provided by Siheung City

According to the city on July 6, Siheung City is accepting applications for the "2026 Loan Support Program for Returning Fishermen’s Startups and Home Purchases" until July 16.

The program targets returning fishermen and urban-to-rural migrants aged 65 or younger. Business startup loans of up to 300 million won and home purchase loans of up to 75 million won are available. However, the actual loan amount will be determined based on the feasibility of the business plan and the results of the credit and collateral review by financial institutions.

The loan interest rate is set at 1.5% per annum, with a five-year grace period followed by ten years of installment repayment. The city plans to cover the difference between the lending rate and the base rate to ease the financial burden of initial settlement for returning fishermen and urban-to-rural migrants.

Citizens wishing to apply should visit the Marine and Fisheries Division of Siheung City (54, Wolgotjungang-ro) and submit the application form and required documents by July 16. Detailed information about the program and eligibility requirements is available on the Siheung City Hall website.

A representative from Siheung City stated, "We are continuing to provide practical support to ensure that returning fishermen and urban-to-rural migrants can settle stably in the local community," and added, "We hope this project will help attract new residents to fishing villages and revitalize the region."

© The Asia Business Daily. All rights reserved. Unauthorized AI training and use prohibited.