Latest News

Dec

A cash donation from the AID Bank to the Christian Union Primary School contributed to...

Dec

In December 2016, AID Bank left an indelible impression on some of the pupils at...

Dec

In the spirit of the Christmas Season, the staff of the Dominica Agricultural Industrial...

Concessionary Loan Terms And Conditions For The Agriculture Sector

The recently approved $10 million dollar Line of Credit for Agriculture from the Government of Dominica, with resources earned from the Citizen by Investment Programme (CBIP), is being shared equally between the pork and poultry industries and crops, other livestock, fishing and general agriculture enterprises.

The $5mn earmarked to support the development pork and poultry and the $5mn is being invested in crops, other livestock, fishing and general enterprises will increase the sub-sectors’ contribution to the economy of Dominica, while providing much needed “working capital” support for eligible farmers and fishermen.

******************************************************
General Terms of on-Lending – for both sub-sectors
  • The bank will onlend to eligible borrowers at the concessionary rate of 3% on the reducing balance;
  • Borrowers shall receive a maximum loan term of five (5) years inclusive of the grace period;
  • Loans shall not be granted for the purpose of refinancing existing debt.

 

Purpose for lending - for the Agriculture Facility

  1. Start-up capital for pig and poultry production; and
  2. The upgrade of facilities for rearing pigs and chicks;
  3. Start up and working capital for agriculture enterprises.
 
All new construction and upgrades must be approved by the Physical Planning Division.
*********************************************************
Eligibility Requirements
 
  • A minimum of six sows or one thousand birds; (in the case of pork and poultry) and generally:
  • A recommendation from the Ministry of Agriculture and Fisheries;
  • A debt-equity ratio of 80:20;
  • Loan amount constituting no more that 90% of the value of the collateral;
  • No existing arrears on financial obligations or satisfactory arrangements for the repayment of debt;
  • Updated business/Operations Plan or evidence of production.
******************************************************
Grace Period
 
For pork and poultry - a maximum of twelve (12 months) on the payment of principal only;
 
For crops, other livestock, fishing and general agriculture enterprises - a maximum of six (6 months) on the payment of principal only;
Release Date: 
Sep