Agriculture is a valuable part of our day-to-day activities. Who doesn't like to eat? Despite its importance, the science of making this food has been a major talking point globally. Even the U.N. identifies agriculture and food sustainability as a significant achievement in 2050 and as a tool to eradicate extreme poverty and hunger. Despite the sector's importance, there have been significant challenges, including funding, scalability, climate change and participation. This is especially challenging for the women and the younger population who have been so far excluded from key agricultural production. This challenge has fueled our desire as thought leaders to transform the agricultural space and curtail some of the challenges faced by smallholder farmers and alleviate the impact of the pandemic on their businesses. It is why we introduced Sterling Bank introduced a novel product called Sterling Women and Youths in Agric. Finance. A product developed by the bank in partnership with Master Card Foundation
It is a product put together to encourage youths and women passionate about agriculture to dive into agribusiness. Our product has been modelled to target smallholder farmers, cooperatives, SMEs and Anchor companies. Smallholder farmers can access up to N5 million in credit depending on their project, SMEs 20 million, and Anchor companies get up to N250 million. It also includes an interest rate of 9% P.A. with 0.5% management fees to be paid upfront, one of the lowest rates in the country.
About SWAY
Our credit facility encompasses various arable and annual crops: Maize, Rice, Soybean, Cassava, Ginger, Sesame, Vegetables (Greenhouse or direct on-field cultivation), Mushroom production, e.t.c and livestock farming specifically for animals with fast growth and gestation period usually not more than a year, e.g. Aquaculture, Poultry (Broiler production & Layers bird production), Piggery, Snailery, Livestock {Cattle, Sheep, and goat fattening (not rearing)}, Rabbitry, Grasscutter production among others. We are also proud to say that our product can also finance other operations include livestock and crop derivatives Such as Honey production, shea butter processing, Oil palm processing, Cassava processing, Feed Milling, Ginger processing, Broiler processing, food, and beverage (e.g. fruit juice extraction). Commodity aggregation or mop up, warehousing, input supply (fertilizer, seeds, agrochemicals, etc.) LPO financing, lease financing, Asset (farm machinery) purchase.
SWAY AgFin is targeted at smallholder farmers, most especially youths and women within the age range of 18years-35 years. However, individuals above this age range can also apply.
The basic requirements to access this product include a business plan, application letter, validation of the existing market to buy your produce. For more information, an applicant can visit any of our Sterling bank branches across the country.
Applications can begin by logging on here
