Prashil Prabhash, Chief Financial Officer at Western Builder PTE Limited, Forensic Accounting specialist from Varandoli, Ba, and acting secretary of both the Ba Chamber of Commerce and Ba Farmers Producers Co-operative Limited, is the first recipient of the Sugar Cane Growers Fund’s new Commercial Specialized Loan.
Inspired by his grandfather and father, who both dedicated their lives to cane farming, Prabhash says this loan product is a great opportunity for people like him who have full-time jobs but want to continue farming and contribute to the industry.
Prabhash, who acquired his farm at the age of 37, describes the innovative loan as an inspiration for young farmers across Fiji.
The Commercial Specialized Loan was launched to help sugar cane farmers across Fiji secure stable financing and reduce risks linked to unpredictable crop yields.
SCGF Manager of Lending and Operations, Sagar Dayal says the loan offers attractive interest rates and a repayment plan designed specifically for farmers who have other sources of income.
He says the loan features a fixed interest rate of 4.5% for the first 12 months and a variable rate of 6% thereafter, giving farmers predictable repayment amounts during the first year.
He adds that this product provides a more structured way to repay loans compared to previous arrangements, which relied solely on cane proceeds that can be affected by weather conditions and off-season burning.
Dayal says this new loan takes growers’ other incomes into account, reduces the risk of default and encourages more stable farming businesses.
He also points out that the loan could appeal to working professionals who want to invest in farming as a retirement plan, especially since not everyone can afford residential property in town.
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