A new agricultural loan facility to assist farmers, both new and exisiting, in obtaining necessary equipment to grow crops other than bananas has been implemented by the National Cooperative Credit Union (NCCU).
The objective of the facility is to create employment and ensure food security on the island, Manager of NCCU’s Roseau Branch, McDowill Paul told DNO.
He said it came about because of requests from members and the need to stimulate the agricultural sector and it is hoped that it will serve as a means of increasing exports while reducing imports.
“We have put aside about $500,000 to lend to farmers at a special rate,” he stated “The rate will be 6.5 percent on a reducing balance. The purpose of the loan is to assist farmers in purchasing inputs to defray labour costs and purchase planting materials for non banana crops.”
“We have other agricultural loans. However, this one is special,” Paul explained. “It is specifically geared toward a specific sector which is the small farmers, the non banana farmers and thus the maximum loan per farmer is $10,000 and the period of payment is 24 months.”
He pointed out further that in order to secure the loan, farmers will have to follow the usual procedure.
“You may use the land as security if you own it or you can have someone come in to stand as guarantor of that loan for you. One other recommendation is we require that an agricultural extension officer in that area must send in a recommendation for you because we want to make sure that the area you are planting in is suitable for the type of crops that you are interested in growing,” he noted.
A letter from an agricultural organization such as DAPEX or Fair Trade which certifies that they will purchase the crops produced by the farmers who seek funds from that facility, is also required. This will also be extended to hotels and supermarkets since farmers sell their produce to these businesses.
The loan is specifically for non banana crops.
Paul encouraged farmers to make proper use of the facility since it can provide some very useful assistance to them.
Go mr farmer
This is nice farm Dominican farmer admiring his hard work.acares off lettuce .Go mr
10 grands is just a drop in the ocean
A good intent but poorly constructed scheme. A total of $500,000 at a maximum loan of $10,000 per farmer will just assist 50 farmers, … at a 6.5% reducing balance, that cannot be right. Then the aim of the loan scheme to to is to assist farmers in purchasing inputs to defray labour costs and purchase planting materials for non banana crops. How can you purchase inputs to DEFRAY labour cost. Was the technical staff of the Ministry of Agriculture consulted in putting that scheme together, if so how sad..
Let me just say to all farmers and prospective ones too…the easiest thing to do here is : one(1) set aside some Six hundred and fifty dollar savings at NCCU.
Two (2) Buy a few shares say about four or five of them.
Three(3) Then you decide on your project.
Four (4) Go down there to NCCU and apply for a Now for Now Loan or about two thousand dollars. Start your project. Headache free except off course you have to pay back on time so have some backup income to cover the first few months costs until you reap a reward from your project. FORGET ABOUT THIS AGRICULTURE PROGRAMME ….AN UNNECESSARY HEADACHE BEYOND MEASURE….I AM SAYING SO CAUSE I’VE JUST BEEN THROUGH THE PROCESS. MY SUGGESTION IS MUCH EASIER. ALL ONE CENTS AND TWO CENTS YOU TRASH GO AND PICK THEM UP AND PUT IT ON YOURS SAVINGS YOU WILL REAP BETTER REWARDS FROM THEN ON NO FORMS TO FILL OUT THERE. IT’S MORE LIKE 15% AND NOT 6.5%. THE TRUTH SHALL SET US FREE