Bank offers low interest credit loans to support Agric sector
Stanbic IBTC Bank Plc set to support the growth of Nigeria’s agriculture sector by providing various low-interest credit facilities to farmers and other players in the agricultural value chain.
The Head of Agribusiness, Stanbic IBTC Bank, Wole Oshin, said the agribusiness financial solution was geared towards ensuring that players in the agriculture space are not hindered by lack of finance.
As the demands on agribusinesses change seasonally, the financial institution provides financing solutions for agricultural enterprises to suit their requirements.
Oshin said “The bank’s suite of agribusiness solutions minimises risks, ensures maximum control and optimises profits associated with international trade by making transactions smoother, simpler and safer for all parties involved.
“Some benefits of the Stanbic IBTC Agribusiness Finance include: availability of gap-funding for unforeseen financial needs, maintenance of cash flow and flexibility of repayment terms based on the type of funding.
This facility is also versatile and can be utilised for funding resources, vehicles and farming equipment.”
He noted that agricultural enterprises could access overdraft to finance their short-term cash flow and working capital needs.
“With quick and flexible processes, funds are available when needed and interest is paid only on funds utilised, not on the full amount on which the limit is set,” he added.
He further reiterated that the asset finance solution could aid in the financing of all farming vehicles and implement needs, with a wide range of packages to suit business’ cash flow and tax requirements.
“Vehicles and assets such as tractors, harvesters, irrigation equipment and so on, to enhance production,” he said.
Other available facilities are Business Revolving Credit Loan, Agricultural Production Loan and Medium-Term Finance.
These are suitable for grain farmers, individual farmers, groups and entities in the agricultural sector. Our loans are designed to accommodate the purchase of various agricultural inputs (like seeds, fertilizers etc), livestock, agriculture-related products and asset acquisition.