Sugar Cane Growers Fund (SCGF) has introduced Commercial Specialized Loan. Manager Lending and Operations, Mr. Sagar Dayal, said this loan is targeted for growers in employment or having other income which can supplement their loan repayment. The product offers an attractive interest rate an interest rate of 4.5% fixed for 12 months and 6% variable thereafter. This is a new product aimed at providing structured financing to individuals who have additional income to meet the repayment, that also mitigates the defaults. Mr. Dayal said that in the current form, the repayment is entirely dependent on the cane proceeds and that is opened to climatic conditions and off season burning that affects the crop and repayment. This product would also entice new set of working professionals to get a farm as a retirement plan. Not everyone can afford a residential property in town, said Mr. Dayal.

The first recipient of this product is Mr. Prashil Prabhash of Varandoli, Ba. Mr. Prabhash is a Chief Financial Officer at Western Builder PTE Limited and also a specialist in Forensic Accounting. He is also the acting secretary of Ba Chamber of Commerce and Ba Farmers Producers Co-operative Limited. He was inspired into cane farming by his grandfather late Mr. Shiu Prasad who used to be the head teacher of a school and also owned 69 acres of cane farm land. Later his father late Mr. Chandra Prabhash continued the legacy with maintaining a strong leadership in the cane sector as gang Sirdar for 24 years. Mr. Prabhash did not fail to continue the same legacy after holding an executive position as qualified Chief Financial Officer.

Mr. Prabhash has commended the new product as vibrant and dynamic with the capacity to reach people who are in employment. He thanked the Board, CEO and the Management Sugar Cane Growers Fund for bringing this product which is an inspiration for young farmers like him. He further encouraged individual farmers to make use of this opportunity to enable growth and continue investment into cane farming and machinery.Mr. Prabhash who acquired this farm at the age of 37 has said that “Cane farming is here to stay and the more you grow, the more you get in returns.”

Raj Sharma
Chief Executive Officer
Sugar Cane Growers Fund