SINAN, Dec. 19 (Korea Bizwire) — Sinan County in North Jeolla Province, known for its robust fisheries industry, has begun to rent out fishing boats to young fishermen without the financial capability to purchase their own boat.
The county has purchased a number of fishing vessels, and currently rents them out to those in need at an affordable annual rate of 0.5 percent of the total price of the boat.
Once the fishermen pay back all the principal and interest, they can acquire ownership of the boat.
The program is expected to help those who cannot afford to purchase a fishing vessel. Authorities said that 144 fishermen registered for 58 fishing vessels soon after the program began.
The county spent 1.7 billion won (US$1.4 million) to purchase 24-ton fishing vessels and 10-ton offshore fishing boats, all of which have been rented out.
“We decided to begin the rent-a-ship program for young fishermen returning to the fisheries industry and others to help them acquire a fishing boat,” said Park Woo-ryang, governor of Sinan County.
M. H. Lee (email@example.com)