Fund approves loans for North farmers

THE Sugar Cane Growers Fund (SCGF) has approved $239,000 worth of loans for sugarcane farmers in the Northern Division.

Chief executive officer Raj Sharma said they were also advising growers to “wisely plan themselves for the loan and do not get committed”.

The fund had paid out $166,000 by January 4 after processing 182 applications.

“SCGF board has reduced the interest rate for the loan package from 6 to 4 per cent for the first year and thereafter, remains at 6 per cent,” said Mr Sharma.

He said the interest rate was subject to further review.

SCGF also offered loans of $1000 and $4000 that could be obtained without any application, establishment or documentation fees.