Farmers can Access up to $5 Million for Viable Projects


Farmers, who are registered with the Rural Agricultural Development Authority (RADA), can access up to $5 million to undertake viable projects.
Managing Director of the Development Bank of Jamaica (DBJ), Milverton Reynolds, speaking at the opening of ‘Opportunities Jamaica 07’ held recently at the Sunset Jamaica Grande Resort in Ocho Rios, said that the agency has formed partnerships with Scotia Bank and the National Insurance Fund (NIF), to provide assistance to small farmers.
He noted that these loans, which are channeled through the National People’s Co-operative Banks, range from as low as $100,000 up to $5 million and the applicable interest rate is 7.87 per cent per annum with a repayment period of up to 7 years.
In terms of the criteria for the loan, Mr. Reynolds said that the project must be viable and the borrower is required to invest 30 per cent equity into the project or 20 per cent, if the loan is below $300,000.
Successful projects under this programme, he said, include greenhouse and poultry farming, where farmers are able to produce higher and better quality yields through the use of advanced technology.
The assistance to the agricultural sector is part of a larger undertaking by the DBJ to partner with approved financial institutions to finance viable projects in strategic areas.
“As the premier development agency for Jamaica, the DBJ is extremely serious about nation building through development of synergies,” Mr. Reynolds stated.
He noted that “DBJ has had the distinction of financing some of Jamaica’s more successful businesses in various sectors but particularly in the categories of tourism, agribusiness, agriculture, manufacturing, mining, service and infrastructure.”
The aim, the Managing Director said, is to improve the worth of micro, small and medium-sized businesses and provide a viable platform for the functioning of these enterprises for wealth creation and growth.

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