Administrators of the most recent loan facility at the AID Bank from the Government of Dominica have identified record keeping as a major hurdle for a lot of farmers.
Agricultural Development Officer, Bertilia Bethel, revealed that since signing the agreement, the bank commenced a series of farmers meetings in different areas which it plans to continue until the end of September.
“We have been encouraging farmers to take a business approach to their farms. It’s not about getting money to upgrade your farm but also about how you can manage those funds. We’re encouraging farmers to keep records and do the right practices because we meet with farmers who don’t know if they are making a profit or a loss,” she said.
Special Projects and Communications Coordinator at the AID Bank, Josephine Dechausay-Titre, disclosed that the bank and the Dominica Youth Business Trust also counsels young farmers to get over these record keeping hurdles.
“Our role is not just to give you finance, our role is to ensure that you use the funds for the purpose for which it was intended and that the outcomes are employment, productivity, revenue, and foreign exchange . Recordkeeping is critical,” she noted. “Farmers say they would like to see more of us on the field. We are now getting back on stream with that.”
The AID Bank will on-lend a $10 million loan facility specifically for the agriculture sector including for pork and poultry farmers.
where is the market to sell the produce to get money to pay back the loans… smh.. everything is back to front upside down
This is antiquity farming – We need modern equipment like tractors, spreaders, plowing machine, irrigation systems; if you all intend to get serious bout farming. Otherwise, stop fooling the people who are breaking their backs to grow a tomato. Choops man
What do you mean by “this is antiquity farming”? The bank is not encouraging people to farm as usual. Farmers are encouraged to treat farming as a business. That includes investing in technology to improve efficiency and productivity.
Loans without markets is a recipe for disaster
The AID bank needs to tread carefully. They must ensure that they do not unduly influence a farmer to take on a loan that he/she may not be able to service. Some farmers may need extended payment terms that would lower their monthly payments thus making the loan more manageable.