The Sugar Cane Growers Fund Board has reduced the interest rate for loan package from six to four percent for this year alone.

SCGF Board Chief Executive, Raj Sharma says 265 loan applications valued at $239,000 have been approved as of yesterday.

Sharma says they have also approved a revised schedule of fees and charges effective from the beginning of this month.

However, the fees and charges have been deferred for six months for the Northern cane growers.