Sterling Women and Youth In Agric. Finance

August 26, 2021

Agric DigestTrending

Globally, agriculture has been identified as a major component in the achievement of the second Sustainable development goal which is to eradicate extreme poverty and hunger. However, a major issue is the lack of Finances and the non-participation of enough Women and youths in Agriculture. Agriculture in Nigeria has been so limited to Aged Old men thereby resulting in little participation of youths and women. In a bid to curtail some of the challenges faced by smallholder farmers and alleviate the impact of the pandemic on their businesses. Sterling Bank introduced a novel product called Sterling Women and Youths in Agric. Finance.

It is a product put together to encourage youths and women who are passionate about agriculture to dive into agribusiness

To solving these challenges, this product has been modeled to target smallholder farmers, cooperatives, SMEs, and Anchor companies.  Small Holder Farmer farmers get up to N50 million depending on their project, Retail farmers get up N5million, SMEs 20 million, and cooperative and Anchor companies get up to N50 million. It also includes an interest rate of 9% P.A. with 0.5% management fees to be paid upfront.

The Agricultural activities That this product can finance include Crop: Arable crops and Annual Crops Examples: Maize, Rice, Soybean, Cassava, Ginger, Sesame, Vegetables (Greenhouse or direct on-field cultivation), Mushroom production, Animals with short growth and gestation period usually not more than a year Such as Aquaculture, poultry (Broiler production & Layers bird production), Piggery, Snailery, Livestock {Cattle, Sheep, and goat fattening (not rearing)}, Rabbitry, Grasscutter production. Other value chains this can finance 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 Agric. product is targeted to 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 be visited any sterling bank branch nearest.

The application can begin by logging on

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