RADA signed a Memorandum of Understanding with the Community and Workers Jamaica Co-operative Credit Union on Tuesday, June 18, 2019 at the Union’s Board Room, 51 Half Way Tree Road, Kingston.
This public/private partnership will seek to open up the arena for the empowerment of local communities based on the simple yet important opportunity presented to farmers for increased channel to access finance at reasonable rates.
The Community and Workers Jamaica Co-operative Credit Union has introduced a loan facility which directly relates to farmers involved in the farming of cash crops. Loans will be given up to a maximum of $350,000 with interest rates ranging from 20% to 32% per annum on the reducing balance.
As Guest Speaker at the event Hon. Audley Shaw, Minister of Industry, Commerce, Agriculture & Fisheries urged farmers to use the loan programme wisely to expand production and productivity and employ technologies in agriculture to include climate – smart practices among others.
Based on the Memorandum of Understanding, RADA will recommend suitable farmers for the programme based on established criteria frequently monitor the farmer beneficiaries and promote the loan programme during field meetings and farmers seminars to ensure programme expansion.
For further information on the loan programme interested farmers may contact the -Community and Workers Jamaica Co-Operative Credit Union Limited at 876-908-2092.