SCGF sugar cane growers can access loans to start growing ginger
Sugar cane growers who are members of the Sugar Cane Growers Fund will now be able to access loans between $5,000 and $70,000 to diversify into ginger farming.
This was made possible by a $530,000 investment from the New Zealand Ministry of Foreign Affairs and Trade in the Sugar Cane Growers Fund’s sugarcane development revolving fund, as well as its priority lending service. .
This was done through the SME Finance Facility managed by Business Link Pacific.
A new term credit product will also be introduced at a reduced interest rate of 5% per annum, with a maximum loan term of 60 months.
A key condition of qualification is that Sugar Cane Growers Fund members and program participants register a separate new business with the Companies Registry, allowing farmers to transition into the formal economy if they have not already done so. .
The financing will not be limited to the cost of inputs, but can be used for the development of agricultural capital, such as the construction of bulk stores, the acquisition of factories and machinery, boreholes, water pumps and vehicles. farms that complement the producers where reimbursement is borne directly by the resulting product.
Registration opened from June 1 this year and the program will be rolled out according to the ginger growing season.
Sugar Cane Growers Fund board member Sundresh Chetty says this is another historic moment and may be the first time one of the international bodies has partnered with them . He says diversification is timely for sugar cane growers as global grain and fuel prices rise.