Coen Welsh | Nov 14, 2017 | 0
Standard Bank finance scheme breeds more bulls
Standard Bank will hold an information session for local farmers slated for 26 May to create opportunities for farmers to acquire top quality breeding material, while the Hartebeestloop Bonsmara auction is scheduled to take place the next day on 27 May.
The partnership between Standard Bank and Hartebeestloop Finance Scheme for local farmers has continued to grow from strength to strength ever since its inception in 2012.
Standard Bank in collaboration with Hartebeestloop Bonsmara Farming launched a Financing scheme in 2012 and has made a positive impact livestock farmers ever since.
Gerhard Mukuahima, Head of Standard Bank’s Agriculture Department, said, “The scheme has revolutionized banking. It enables any bonafide farmers with credible banking records from all corners of Namibia to acquire top quality genetics of the Bonsmara Breed in Namibia at the point of sale at farm Hartebeestloop in southern Namibia”.
The scheme enables farmers to be accorded the privilege of getting specific banking services whilst at the Auction. Unlike conventional banking, through this scheme, the loans for purchasing the animals can be approved or declined on the farm.
“This is quite remarkable in that Standard Bank has significantly cut down the processing time of loans by almost immediately providing feedback to clients on their success to acquire a loan, but more importantly approving the loan on-site. It should be noted that whether it’s a single bull or cow, a group and dry or pregnant cows, the principle for repayment remains the same,” emphasised Mukuahima.
Through the provision of tailor-made financial solutions by Standard Bank Namibia, farmers can purchase Bonsmara Stud bulls or cows from the Hartebeestloop Farming.
Meanwhile, in terms of financing, the minimum allowable loan is N$30,000 with a maximum repayment period of 36 months (3 years). A minimum deposit of 15% will also be required for every transaction and the animals have to be insured.