Farmers begin repaying farmer support loans

Beneficiaries of the $6 million dollar revolving fund, through the Farmer Support Company, have already started to repay their loans.

During a press conference last Friday, four farmers used the opportunity to make payments on loans that they were granted via the farmer support credit programme, {{more}}which was launched in February of this year.

Minister of Agriculture Saboto Caesar noted that some farmers have shown keen interest in repaying their loans and commended them for this act.

“It is very symbolic today with these first farmers who have started the payment, because I want it to be an encouragement to who are listening, who would have received their loans,” Caesar said.

The Agriculture Minister also took the opportunity to encourage farmers to make payments on their loans, as it will not only increase their credibility, but facilitate the lending process for more farmers as well.

“Once a farmer can make a payment, no matter how small it is, it is going to contribute to the possibility and the practicality of having the revolving fund function efficiently and in an efficacious manner,” he said.

“I don’t want farmers to say ‘well I’m waiting till I get $1,000 or I’m waiting until I get $5,000. If you sell a sack of dasheen, if you sell a box of yam or a few boxes of bananas and you can make a payment, we want you to make that payment because what it does, I’ve been advised by the company – and it’s the same thing in any lending institution – you build up your credibility. It shows us that you have interest.”

Calder Ridge resident Godwin Glasgow was one of the farmers to begin repaying his loan on Friday. Glasgow, who is mainly a livestock farmer, encouraged farmers to make use of the revolving fund, as it is a great opportunity to develop their business.

“It is the only place that you can get money for agriculture at two per cent. Not anywhere else you can get it and that opportunity; no farmer should let it pass, because it is an investment into your business at an interest rate where only governments get money to borrow,” he said.

The livestock farmer stated that he could not pass on a chance to invest in his business, and so, he was able to borrow approximately $20,000 after providing all the necessary information.

“I commend the Government on taking such a brave step in investing in farmers and so giving the farmers an opportunity to expand and improve the standard of their business. Food security is key in St Vincent,” Glasgow said.

The $6 million farmer support credit programme is an initiative by the Ministry of Agriculture, with the main objective of creating a more resilient agricultural sector in St Vincent and the Grenadines.

To date, 550 farmers have been assessed, approved and have begun the draw down process, while approximately another 900 farmers are still being assessed. Approximately 1,392 farmers have applied for loans through the programme.(BK)