NCCU Introduces Special Loan Facility for Farmers
The National Cooperative Credit Union Ltd (NCCU) has introduced a special agricultural loan facility for farmers. The objective of this facility is to create employment, ensure food security, increase exports and reduce imports.
Through this facility, farmers can access loans of up to $10,000 for purchasing inputs and planting material for non-banana crops and for meeting labour costs. Loans will be granted at a special, low interest rate of 6.5% per annum.
Applicants are expected to be members of a marketing company such as DAPEX or FairTrade and to receive a recommendation from an agricultural extension officer.
Farmers can use this special facility to expand cultivation and increase farm productivity. This facility also provides, to persons who are considering farming as a business, the opportunity to get started.