Going into agriculture? DA has P2.5B in loans for MSMEs, returning OFWs
MANILA, Philippines – Micro, small, and medium enterprises (MSMEs) as well as returning overseas Filipino workers (OFWs) planning to venture into agriculture-related businesses can avail of loans from 3 government programs.
The Department of Agriculture (DA) said the Agricultural Credit Policy Council (ACPC) has a total of P2.5 billion for the following loan programs:
- Expanded SURE-Aid and Recovery Project (SURE COVID-19)
- Kapital Access for Young Agri-preneurs (KAYA)
- Agri-Negosyo (ANYO)
The loans are all zero interest, with technical assistance from the government.
"Now is the time to tap the OFW sector as they start to reintegrate themselves back to their respective homes, communities, and provinces," said Agriculture Secretary William Dar in a virtual briefing last Friday, May 15, in light of the coronavirus pandemic which has forced thousands of OFWs to return home.
These OFWs, added Dar, can "join the ranks of our new breed of agri-preneurs, who will help us revive and reboot the countryside."
Under the ANYO program, those who can benefit from loans worth P300,000 to P15 million include agriculture ventures, sole proprietors, partnerships, corporations, and cooperatives whose members are farmers and fisherfolk. The loan is payable in 5 years.
The KAYA loan is for young entrepreneurs or agri-fishery graduates 18 to 30 years old. They can access P500,000, also payable in 5 years.
Meanwhile, MSMEs engaged in agricultural activities such as food production or delivery of produce can loan as much as P10 million under the SURE COVID-19 program, payable in 5 years as well.
Also under SURE COVID-19, individual farmers and fisherfolk can borrow a non-collateralized loan of P25,000, payable in 10 years.
ACPC loans are coursed through government and non-governmental financial institutions. – Rappler.com