HOLGUIN, Cuba, May 14 (ACN) One of the priorities of the Credit and Commerce Bank (Bandec) in Holguin, as part of its efforts to contribute to boost food production and the country's economic development, is to strengthen agriculture in all its sectors through financial incentives.
With these banking benefits the farmers can expand their working capital and short and long term investments, as well as interest rate facilities, Delia Moner, head of the Department of Agricultural Investments and Risks of the Provincial Directorate of Bandec, told the Cuban News Agency.
These credits are approved for each type of production, taking into consideration the amount of income forecast based on the areas, yields and sales prices, productive cycles, and the discipline of credit payments with the bank to which the producer is subscribed.
Moner pointed out that loans are granted for working capital, production of long and short cycle crops, improvement of cattle, pig and poultry fattening, investments in infrastructure, agricultural goods and artificial pastures, recovery of areas infected with woody plants, as well as for planting, purchase, repair and maintenance of facilities and goods, among other activities.
In this sense, the producers receive a benefit, assumed by the Development Fund, of up to 50 % of the bank interest payment and insurance premium, depending on the activity to be carried out, the type of credit and the maximum term for its execution.
According to the executive, usufructuaries that start farming, receive the benefit of an interest rate of three percent on all bank financing during the first two years of the contract.
The working alliances between the National Association of Small Farmers and the banking system are one of the agreements proposed by the farmers to facilitate their production and increase agricultural yields.
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