$10,000 credit line established for agro-processors

A credit line of up to $10,000, through the Farmers’ Support Company, has been created for agro-processors involved in the plantain chip industry.

According to a release from the Ministry of Agriculture, the line of credit comes in the wake of a national peak in the production of plantains.{{more}}

“According to statistics received, this year has seen the largest production of plantains in St Vincent and the Grenadines in over 30 years. The Ministry believes that the establishment of this credit line will ease the current glut on the market,” the release from the Ministry said.

Currently, the FSC provides loans to farmers from a $12 million revolving fund facility, which has seen some 2,218 applicants to date. It has been noted that a large number of the farmers that receive credit from the FSC engage in plantain production. There are an estimated over 1,000 acres of plantains in SVG.

Over the last three weeks, the FSC exported two 40ft containers of plantains to Trinidad and Tobago and the United States of America and a sample to the UK. This is in addition to a number of pallets that are exported weekly by local traders/traffickers.

Minister of Agriculture, Rural Transformation, Forestry, Fisheries and Industry Saboto Caesar is encouraging all agro-processors involved in plantain chip production to contact the Ministry for more information on the loan programme.