Finance ready for Hartebeestloop Bonsmaras
“The scheme has revolutionized banking. It enables any bona fide farmer to acquire the most sought-after genetics of the Bonsmara breed at the point of sale,” said Gerhard Mukuahima, Agricultural Advisor at Standard Bank Namibia.
The scheme enables farmers to be accorded the privilege of getting banking services while attending the auction. Unlike conventional banking, under the Hartebeestloop Finance Scheme, the loans for purchasing the animals can be approved or declined on the farm where the auction is taking place on that very same day.
“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 is 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, farmers can now purchase any Bonsmara Stud bulls or cows from the Hartebeestloop Farming Auction held every year during May.” 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. A team of Standard Bank agricultural advisors will be on site to provide farmers with the necessary assistance. The advisors are Andre Botes, Herman Coetzee, Gerhard Mukuahima and Dwaine Henckert.