Maravi

NATSAVE targets farmers in new loan scheme

NATSAVE targets farmers in new loan scheme
By Florence Bupe
Tue 16 Mar. 2010, 08:20 CAT

NATIONAL Savings and Credit Bank (NATSAVE) has launched a hire purchase loan facility with an initial investment of K2 billion targeted at small-scale farmers.

Speaking soon after the signing of a memorandum of understanding (MoU) with Zamcapitol Enterprises Limited, NATSAVE managing director Leonard Mwanza said the facility would significantly raise productivity levels among the country’s small-scale farming community.

“The hire purchase facility will help small-scale farmers increase their agricultural output. It is mainly targeted at rural farmers but those in urban areas are also eligible to apply,” he explained.

The new facility will allow small-scale farmers to obtain equipment such as windmills, hammer mills and tread mills, among other products manufactured by Zamcapitol Enterprises, on hire purchase with NATSAVE immediately commencing the settling of the costs.

Mwanza said the facility would empower not only farmers, but also entrepreneurs with the necessary equipment.

Eligible applicants will be entitled to equipment costing a maximum of K50 million per individual.
And NATSAVE business development manager Cephas Chabu said the K2 billion was subject to expansion beyond the initial amount.

He expressed optimism that the response from the targeted market would be positive as the facility has dealt with the challenge of collateral.

He said some loan facilities were difficult for the market to access because of the high collateral requirements.

Meanwhile, Zamcapitol general manager Clementine Sakala said the facility would help enhance value addition to the agriculture sector.

Labels: AGRICULTURE, LEONARD MWANZA, NATSAVE

posted by MrK @ 12:03 PM