NEWSROOM

Friday, March 26, 2010
NCB F.A.R.M Loan to Help Agriculture Sector Grow

Bernadette Barrow,Assistant General Manager, NCB SME Divison speaks with (l-R) Patrick Lawrence, Special Advisor to the Hon. Chrstopher Tufton, Minister of Agriculure and Fisheries,and Dr. David Lowe, Post Harvest Specialist.

National Commercial Bank Jamaica Limited (NCB) has partnered with the Ministry of Agriculture and Fisheries in its drive to encourage the growth of the agricultural sector.  The two entities have collaborated on a financing product, called the NCB Financial Access for Responsible Members (F.A.R.M.) Loan.  The loan will initially provide single digit financing to farmers who will grow onions, irish potatoes and hot peppers.  NCB will now be designated as a “preferred partner of the Ministry of Agriculture and Fisheries”. At an introductory rate of only 9% the NCB F.A.R.M. Loan will be available to the nation’s farmers until April 30, 2010.

“Our fervent  passion to nation building has been demonstrated through our unwavering commitment to small and medium enterprises.  Agriculture has been one of the cornerstones of Jamaica’s economy and we are pleased to contribute towards its resurgence.” announced Mrs. Bernadette Barrow, Assistant General Manager of NCB’s SME Unit.

After the introductory period, the loans will be accessed at 15% p.a. and up to $2,000,000 can be obtained under the new scheme.  Farmers can repay the loans monthly or they can choose to repay the loan after they reap the crops- up to maximum of six (6) months.

Mrs. Barrow expressed the view that “The provision of financing will provide vital support to the sector and the single digit financing provided by NCB will help to make the crops more competitive.”

In addition to financing, the Ministry’s agriculture programme will provide technical assistance and training for farmers through the Rural Agricultural Development Authority (RADA).  RADA will work with NCB to select, pre-screen and qualify the farmers.  The organization will also provide regular reports during the production period. The Ministry has identified guaranteed buyers for the produce grown under the programme.

Mrs. Barrow continued, “A robust agricultural sector will boost Jamaica’s productivity and will help to correct our balance of payment problem by reducing our reliance on imports.  NCB is happy to invest in the sector and to participate in supporting our nation’s farmers.”