Agribank urges farmers to make use of loan facility
Considering the impending drought resulting from poor and delayed rainfall patterns, Agribank has reminded farmers to take up its production loan facility.
The bank highlighted that it offers a production loan facility to farmers aimed at growing their agri-businesses "to create wealth today and prosperity tomorrow".
The bank explained that a production loan facility can be used for the acquisition of seeds, fertilisers, herbicides and pesticides; fuel and oil; transportation costs; wages for temporary workers; lease of grazing; livestock feed; licks; veterinary medicine, horticulture; and micro-irrigation, among others.
The facility also caters for day-to-day farm expenses such as the maintenance of boreholes, farm vehicles and food rations for workers.
"There is no loan limit, as the loan amount will be based on the affordability and risk appetite of the bank," Fillemon Nangonya, spokesperson for the bank, explained.
Available to all
He said farmers will receive a grace period depending on the cash flow of their production activities or agri-enterprise.
The loan is repayable over one year, and it can be revolved for up to five years.
The facility is available to both full-time and part-time farmers, and the applicable interest rates are 8% for communal farmers and 9.5% for commercial farmers.
"At Agribank, we provide local solutions to every farmer’s needs with tailor-made facilities at competitive interest rates. "Agribank will be there for you at all stages of the production stage because we believe that your success is our success and ultimately that of the whole nation," said Nangonya.
Agribank called on clients facing financial distress and unable to service their loan obligations to approach the bank and make the necessary arrangements.
The bank highlighted that it offers a production loan facility to farmers aimed at growing their agri-businesses "to create wealth today and prosperity tomorrow".
The bank explained that a production loan facility can be used for the acquisition of seeds, fertilisers, herbicides and pesticides; fuel and oil; transportation costs; wages for temporary workers; lease of grazing; livestock feed; licks; veterinary medicine, horticulture; and micro-irrigation, among others.
The facility also caters for day-to-day farm expenses such as the maintenance of boreholes, farm vehicles and food rations for workers.
"There is no loan limit, as the loan amount will be based on the affordability and risk appetite of the bank," Fillemon Nangonya, spokesperson for the bank, explained.
Available to all
He said farmers will receive a grace period depending on the cash flow of their production activities or agri-enterprise.
The loan is repayable over one year, and it can be revolved for up to five years.
The facility is available to both full-time and part-time farmers, and the applicable interest rates are 8% for communal farmers and 9.5% for commercial farmers.
"At Agribank, we provide local solutions to every farmer’s needs with tailor-made facilities at competitive interest rates. "Agribank will be there for you at all stages of the production stage because we believe that your success is our success and ultimately that of the whole nation," said Nangonya.
Agribank called on clients facing financial distress and unable to service their loan obligations to approach the bank and make the necessary arrangements.
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