National Commercial Bank (NCB) has partnered with the Ministry of Agriculture and Fisheries in its drive to encourage the growth of the agricultural sector. The two entities have collaborated on a financing product, which will be called the NCB F.A.R.M. Loan. The loan will initially provide single digit financing to farmers who will grow onions, tomatoes and hot peppers. NCB will now be designated as a “preferred partner of the Ministry of Agriculture and Fisheries”. Until September 30,2010, the NCB F.A.R.M. Loan will be available to the nation’s farmers at an introductory rate of only 9%.

“Our commitment to nation building has been demonstrated through our unwavering commitment to small and medium enterprises. Agriculture has been one of the cornerstones of Jamaica’s economy and if we are pleased to contribute towards its resurgence” Mrs. Bernadette Barrow, Assistant General Manager of NCB’s SME Unit.

After the introductory period, the loans will be accessed at 15% p.a. and up to $2,000,000 can be accessed under the new scheme. Farmers can repay the loans monthly or they can choose to repay the loan after they reap the crops- up to maximum of 6 months.

Minister of Agriculture and Fisheries, Hon. Dr. Christopher Tufton, said that “the provision of financing will provide vital support to the sector and the single digit financing provided by NCB will help to make the crops more competitive”.

Dr. Tufton expressed appreciation for NCB’s enthusiasm to support the programme’s aims “NCB has proven to us that they are dedicated to helping Jamaica and Jamaicans achieve economic success. We are pleased to partner with the Bank in this important initiative as the government seeks to ensure long-term growth for the sector”.

In addition to financing, the Ministry’s agriculture programme will provide technical assistance and training for farmers through the Rural Agricultural Development Authority (RADA). RADA will work with NCB to select, pre-screen and qualify the farmers. The Organization will also provide regular reports during the production period. The Ministry has identified guaranteed buyers for the produce grown under the programme.

Mrs. Barrow continued, “A robust agricultural sector will boost Jamaica’s productivity and will help to correct our balance of payment problem by reducing our reliance on imports. NCB is happy to invest in the sector and to participate in supporting our nation’s farmers.”


Contact
Charmaine Wright
Group Marketing and Communications Division
935-2371
wrightca@jncb.com