Agribank geared to assist women, youth
The women and youth loan scheme is different from the conventional funding of the bank, as it offers distinct terms and conditions.
13 September 2021 | Agriculture
Agribank disbursed loans to the value of N$43 million towards women, while another N$38.7 million benefitted youth under the age of 40 during the 2020/2021 financial year.
According to the bank, it is determined to increase the participation of women and youth in the agricultural sector.
To reach this goal, the bank said it has implemented a specific loan scheme targeting women and youth since last October.
According to Agribank, the women and youth loan scheme is different from the conventional funding of the bank, as it offers distinct terms and conditions.
“These terms and conditions include the provision of farming equipment or land being financed as collateral. Additionally, where the farmer has an off-take agreement with buyers of his/her agriculture produce, such an agreement can also serve as collateral.”
Moreover, under the scheme, the bank is also offering special treatment for agricultural professionals, flexible grace periods and tolerance for collateral shortfalls.
The bank said under this scheme, qualifying women and youth may access various loan products for agricultural purposes within the categories of short-, medium- and long-term loans, repayable between one to five years, five to 10 years and 10 to 25 years respectively.
It further said that women from the age of 18 and above as well as youth between 18 and 35 qualify under the scheme. However, for agricultural professionals, there is no limit on age and gender.”
“Women and youth are therefore hereby informed that the bank will resume the nationwide roadshow with the objective of engaging women and youth in agriculture and providing insight into various loan products under the women and youth loan scheme, while explaining the loan application process in detail.”