HOW TO ACCESS LOANS FOR YOUR PLANTAIN FARM
This is the 11th post on this highly acclaimed,informative plantain blog set up to educate Nigerians about the potentials in plantain farming business for wealth creation. If you are one of those Nigerians, foolishly roaming the streets for non-existing white collar jobs,put on your thinking cap and stay glued to all the posts on this blog.
This is the 11th post on this highly acclaimed,informative plantain blog set up to educate Nigerians about the potentials in plantain farming business for wealth creation. If you are one of those Nigerians, foolishly roaming the streets for non-existing white collar jobs,put on your thinking cap and stay glued to all the posts on this blog.
The Federal Government of Nigeria has provisioned N200
Billion as loans to genuine farmers. The loans will be disbursed through the
Bank of Agriculture (BOA), formerly known as the Nigerian Agricultural Credit
and Rural Development Bank Limited (NACRDB).
The steps to obtain the loan are as follows:
1)
Locate the office of the Bank of Agriculture
that covers the area or local government area where your farm is situated and
open an account with the bank with a minimum deposit of N3000.00
2)
For the ‘Know Your Customer’ (KYC) requirements,
you must present your NEPA Bill which confirms your place of residence + any of
the approved means of identification such as International Passport, Drivers License,
National Identity Card or Voters Registration Card. If you do not have the NEPA
bill, forget the loan and do not waste your time going near the bank.
3)
Other requirements are:
Complete and signed account form
Complete and signed mandate card
Present 4 passport photographs of yourself
4)
You must run and operate the account for at
least 3 -6months before applying for the loan. Do not think that you can just
open the account, abandon it and show up after 6 months for the loan. The loan
is not the usual national cake and the bank, newly repositioned, is not fooled.
If you play that old game, the bank will doubt your integrity and commitment to
repay the loan if granted and that means you may not get it.
Running and operating the loan means that
you make it an active account. This means making sure that you save money and
withdraw from the account on a regular basis. The bank wants to see that there
are transactions going on in the account. Therefore, you should make regular
deposits and withdrawals on the account during the 6 month period to create an
active relationship that makes the bank have confidence in you.
5)
You must have an existing farm, at a fixed
location and the farm must have its record of operations and activities on a
daily basis neatly kept. The era of armchair farmers/political farmers/farms of
no fixed address/classroom farmers are over. The bank will visit your farm for
inspection when you apply for the loan.
6)
The bank will check what you have on ground; see
how far you have gone; what the loan is required for, and ensure that the loan
is appropriate for what it is required. The bank wants to know whether you have
an adequate knowledge of your area of farming business. You must be able to
demonstrate the practical hands-on experience in your area of farming. The bank
wants to know whether you have a project you are working on and the fund
requirements. And within a month of the inspection, the loan will be approved
if the bank is satisfied.
What are you waiting for?
Get the land ready and start setting up the
farm with what you have presently.
Then, go open an account with the Bank of
Agriculture and operate it as required for at least 6 months.
Make an estimate of the farm’s fund
requirements and get it ready before applying for the loan.
If you need information about the fund requirements for a plantain farm, the plantain farming reports on this blog, recently reviewed and updated has the full details.
John Ayodele
John Ayodele
www.plantainrichesnigeria.blogspot.com
www.cassavarichesnigeria.blogspot.com
www.johnayodele.wordpress.com
www.johnayodele.wordpress.com
