Business
165 cane farmers assisted under loan package
Praneeta Prakash January 4, 2021 6:32 am
Over 160 cane farmers in TC Yasa affected areas have been assisted through the Disaster Rehabilitation Loan Package offered by the Sugar Cane Growers Fund.
Fund Chief Executive, Raj Sharma says the package was activated a few days after the category five cyclone caused devastation in the North.
Sharma says in just over a week, they have paid out more than $140,000 to 165 cane farmers.
“Farmers can have a soft loan of $1000. We have reviewed our position and looked at the interest rate initially been 6 percent to 4 percent for the first year and there is no documentation fee, there is no establishment fee and we have rolled that out to the farmers .”
Sharma says teams are also fast-tracking the applications to ensure farmers are assisted in a timely manner.
” We are looking at a quick turnaround time of 24 hours to approve the loan and within 48 hours to put the money in the account of the farmers. But one more thing I would like to advise the farmers is do not overburden yourself, do not take the loan unnecessarily. If you need we are always there to help you.
The rehabilitation loan package will be effective until March 31st this year.
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