SUNBIZ

Sugarcane Farmers Can Access Funds To Diversify Business

Over $530,000 will be available to the Sugar Cane Growers Fund’s Cane Development Revolving Fund, to help members diversify from sugar cane farming. It follows an investment from the New Zealand Ministry of Foreign Affairs and Trade. The money is available through the small micro enterprises finance facility, managed by Business Link Pacific (BLP).
12 Mar 2022 05:00
Sugarcane Farmers Can Access Funds To Diversify Business
Fund board director, Sundresh Chetty.

Over $530,000 will be available to the Sugar Cane Growers Fund’s Cane Development Revolving Fund, to help members diversify from sugar cane farming.

It follows an investment from the New Zealand Ministry of Foreign Affairs and Trade.

The money is available through the small micro enterprises finance facility, managed by Business Link Pacific (BLP).

 

The capital will allow members of the fund to access funding and loans between the $5000 and $70,000.

The allocation is expected to help farmers diversify into ginger farming.

A new term-debt facility product by the fund will also be rolled out at a reduced interest rate of five per cent per annum.

 

Farmers have a maximum loan repayment term of 60 months.

A key requirement is for members and participants to register a new and separate business with the Registrar of Companies office.

Under the partnership, the fundingpriority is open to ginger farming projects, for sugar cane farmers in Viti Levu for now.

 

The pilot project encourages women growers to participate.

The first three women farmerswill be given complete water tanks through the grant component of the funding.

Fund board director, Sundresh Chetty, said: “At SCGF, this is another historic moment, and perhaps the first time one of the international bodies partnering with us.”

“Diversification is timely for sugar cane growers, when world prices of grains and fuel are going up.”

 

Feedback: frederica.elbourne@fijisun.com.fj



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