ERFP product for full time communal farmers gains traction

06 Aug 2019

Agribank has approved loans worth over N$7.1 million for full time communal farmers under the Emerging Retail Financing Product (ERFP). The Bank introduced the ERFP in response to market demand for collateral-free products for full time communal farmers as part of its efforts to widen financial inclusion in addition to the No-collateral product for salaried employees.

The maximum loan amounts for ERFP is N$1 million at varying affordable and competitive interest rates depending on the merits of each business plan. Loans will be granted on the basis of the completion of the mandatory training and mentorship program in the production, management and marketing of the commodities of the undertaking. In addition, the applicants must be available for attachment to the Bank approved mentor.

The ERFP loans target full-time communal farmers already farming in areas such as animal husbandry for livestock farming, poultry farming for raising birds such as chickens, ducks, turkeys and geese, agronomy and horticulture for fruits, vegetables, nuts, seeds, sorghum, maize, pearl millet and mahangu as well as fodder production to supply feed to livestock. Applicants of the ERFP loans are required to submit a comprehensive business plan of which a template is available at all Agribank offices. The ERFP loans will be appraised against new criteria set after the comprehensive review of the product to ensure adequate risk mitigating measures are in place.

The Bank remains committed to implement innovative financing solutions to enhance agricultural production in line with the stated objectives of NDP5 and other national development goals.
Come one, come all to the nearest Agribank Regional Branches countrywide for the product that empowers full-time communal farmers at very competitive interest rates below the prime rate.

Issued by:
Rino Muranda
Manager: Marketing and Communication
For enquiries, kindly contact the Marketing and Communication Division at:
Tel.: 061 2074332
Fax: 061 2074206

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