Source One offers assistance to start-up and existing farmers
CUSTOMERS of Source One Feeds and Agricultural Supplies located in Westmoreland are grateful to the company for the extended credit lines they have been offering since the onset of the novel coronavirus pandemic, which they say have assisted them in keeping their businesses in operation.
“The extension on credit is a major boost for any business. It is the biggest thing for us. We were able to purchase fertilisers for our fields and get our farms up to begin preparing for the new tourist season,”
Sheldon Williams, a pineapple and pig farmer who has been a customer of Source One for over 10 years shared with the Business Observer.
Source One also continued their Get a Dolla Loan promotion, which has been available to small farmers across Westmoreland, Hanover, St Elizabeth and St James since 2019.
“We recognised that a lot of farmers have an issue with funding,” Garth Clarke, chief operating officer of Source One said. “If you’re trying to access a loan through other financial entities, collateral like land and property are required. A lot of these people don’t have land and collateral, so they can’t bring in a title, and will more than likely not qualify for a loan. You don’t need that with the Get a Dolla Loan.
“The loan is a collaboration between Dolla Financial Services, Hi-pro Feeds and Source One,” Clarke explained.
Clarke indicated that the association with Dolla Financial is ideal because they have locations all across the country, and Hi-pro feeds offers a full range of farming supplies.
To date, over $2 million in loans have been processed, with all loans repaid, and some clients reapplying up to four times.
Clarke explained that the process is seamless and is offered to new and existing farmers. Customers can submit their application at Source One or any Dolla Financial location.
Following a site assessment, the loan can be made available within 48 hours. Loan amounts range from $10,000 to $500,000, issued in the form of Hi-pro feeds and farm equipment. Source One is the only company offering a loan of this kind on the island.
Since the onset of the novel coronavirus outbrak, people who have lost their jobs have turned to entrepreneurship. Farming has been one of the popular industries that many are turning to.