Farming credit application
Please read the following below before applying.
Requirements
Applicants will complete basic application form. Submit application form with:
- Two (2) pieces of valid identification
- Proof of address
- Proof of ownership of land/permission to work land (notarized)
Criteria for Beneficiaries
Applicants must meet the following criteria:
- Be a citizen of St. Vincent and the Grenadines
- Be a registered farmer/agri-marketer
- Be operating/intend to invest in the banana, non-banana crops, poultry or arrowroot sub-sectors.
- Have a feasible investment proposal that will facilitate making a profit and fully repay the loan.
- Must have a business plan for any loan request greater than EC$20,000 (Ministry of Agriculture Officers will assist).
Maximum Loan Sizes and Interest Rate
Individuals will be eligible for loans of up to $20,000 based on size of operation and subject to the availability of funds. Consideration will be given on a case by case basis for loans above EC$20,000. The annual rate on loans will be applied at 2%on the declining balance.
Repayment terms
A lien will be taken out on commodities to be sold. The arrangement will be made with the contracted marketer to deduct loan payments on behalf of the FSC.
A moratorium will be available to borrowers, which coincides with the harvest periods. The payment of interest during this period will be applied based on the ability of the borrower to repay.
Loan Disbursements
If approved, borrowers will be provided with vouchers to source inputs from the various approved suppliers and would be issued cheques for labour support. Loans will be supervised: Therefore, borrowers are required to provide extension officers access to their records and to their premises/farms to monitor progress of project/investments.
Loan Application Process
MAFF/ Extension/ BSU:
- Will assist farmers with completing the credit application forms and simple business proposals as deemed necessary.
- Conduct field visits and interviews in order to complete application forms and assess feasibility of the project or activity being considered for credit.
- Forward completed application form to the office of the Chief Agricultural Officer for final recommendations.
The FSC will:
- Review applications and conduct due diligence where necessary.
- The Board of Directors of the FSC will review credit application and either reject, approve or request revision of the application.
- On approval of loan, the FSC Management team will issue input and labour credit.
Fishing credit application
Please read the following below before applying.
Requirements
Applicants will complete basic application form. Submit application form with:
- Two (2) pieces of valid identification
- Proof of address
- Marketing Plan
Criteria for Beneficiaries
Applicants must meet the following criteria:
- Be a citizen of St. Vincent and the Grenadines
- Be a registered fisher
- Be operating/intend to invest in fish, lobster, conch, other.
- Have a feasible investment proposal that will facilitate making a profit and fully repay the loan.
- Must have a business plan for any loan request greater than EC$20,000 (Fishery Service Unit Officers will assist).
Maximum Loan Sizes and Interest Rate
Individuals will be eligible for loans of up to $20,000 based on size of operation and subject to the availability of funds. Consideration will be given on a case by case basis for loans above EC$20,000. The annual rate on loans will be applied at 0%on the declining balance.
Repayment terms
The FSC will retain the bill of sale on boats and engine until full repayment is made. Arrangement will be made with the contracted marketer to deduct loan payments on behalf of the FSC.
Loan Disbursements
If approved, borrowers will be provided with vouchers to source inputs from the various approved suppliers and would be issued cheques for labour support. Loans will be supervised: Therefore borrowers are required to provide Fisheries Extension Officers access to their records and to their premises/farms to monitor progress of project/investments.
Fisheries Service Division:
- Will assist fishers with completing the credit application forms and simple business proposals as deemed necessary.
- Conduct field visits and interviews in order to complete application forms and assess feasibility of the project or activity being considered for credit.
- Forward completed application form to the FSC office for final recommendations.
The FSC will:
- Review applications and conduct due diligence where necessary.
- The Board of Directors of the FSC will review credit application and either reject, approve or request Fishery Service Unit Officers revision of the application.
- On approval of loan, the FSC Management team will issue input and labour credit