NDB LAUNCHES P50M AGRIC BUSINESS STIMULUS FUND
The National Development Bank (NDB) recently launched a P50million agriculture business stimulus fund aimed at stimulating and catalysing agricultural businesses.
The Fund will cultivate the niche sectors like cereal production, horticulture, small stock, beef production and poultry as well as the value chain focus of agro processing and supporting services.
NDB chief executive officer, Lorato Morapedi said the Fund is amongst the three funds that they have launched as part of the COVID-19 response.
“As a bank, we are very keen about promoting food security, employment creation, SMME growth and youth participation in agriculture,” she said.
Morapedi said should the appetite be far much beyond the P50 million they will go back to the drawing board. The bank also rolled out the P40 million NDB COVID19 relief fund in which the first P20 million will be aimed at assisting both existing and non-existing NDB clients who have been affected by the pandemic and are having working capital challenges. These clients can also get backing from the government guarantee scheme as security.
“The other P20 million is for the existing NDB clients who need both working capital and equipment,” she said.
The bank has also reserved P20 million for the purchase order funding in which they finance purchase entrepreneurs’ orders in an endeavour to assist them to deliver on time.
Last year, the bank launched a six-month promotion that came to an end in March this year aimed at empowering farmers and promoting smart farming. As part of the competition, the bank gave away P50,000 worth of solar equipment to one lucky customer who applied for either Ntlhatlosa Kwa Morakeng loan or Temo Bokamoso loan. The loans are aimed at promoting both pastoral and arable farming. A Maun native, Tlhabologo Santhuma emerged the winner. The programme assists with loans from P20, 000 to P100, 000 for new clients and up to P200, 000 for old clients. The loan is repaid over five years at P500 monthly instalments.