Farmers invited to take up Agribank’s production loans
By Clifton Movirongo.
The Agricultural Bank of Namibia is inviting farmers across the spectrum to take make use of the bank’s production loan facility to grow their agribusinesses for improved production.
According to a statement issued by the Public Relations Officer of Agribank, Fillemon Nangonya, a production loan facility can be used for the acquisition of seeds, fertilizers, herbicides, and pesticides; weeding; fuel and oil; transportation costs; wages for temporary workers; lease of grazing; livestock feed; licks; veterinary medicine; horticulture; and micro-irrigation.
Nangonya said the facility also caters for day-to-day farm expenses, like the maintenance of boreholes, farm vehicles, and food rations for farm workers.
“There is no loan limit as the loan amount will be based on the affordability and risk appetite of the Bank. Farmers will receive a grace period depending on the cash flow of the production activities/ of the agri-enterprise,” he stated.
He said that the loan is repayable over one year, adding that it can be revolved for up to five years.
The facility is available to both full-time and part-time farmers, and the applicable interest rates are 8% for communal farmers and 9.5% for commercial farmers.
“Agribank provides local solutions to every farmer’s needs with tailor-made facilities at competitive interest rates. Agribank will be there for you at all stages of the production stage because we believe that your success is our success and ultimately that of the whole nation,” Nangonya said.
Agribank has called on its clients facing financial distress and unable to service their loan obligations to approach the Bank and make the necessary arrangements.