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SCGF assists more farmers

More sugarcane farmers have been assisted through the Sugar Cane Growers Fund in the last 10 months.

The SCGF says that as of October 31st, 2022, it has processed 2095 applications totaling $8.491 million.

Chief Executive Raj Sharma says for the same period last year, they processed 2049 applications worth $7.481 million.

He says this is an increase of 13 percent.

Sharma says Labasa has the highest demand of 24 percent as there is no major alternative, and after TC Yasa, a number of growers have gone back for either rehabilitation or investment loans.

Request from Ba farmers makes up 22 percent of the borrowed potforlio, followed by Lautoka and Seaqaqa at 12 percent, Rakiraki at 10 percent, Nadi at nine percent, Tavua at six percent, and Sigatoka at five percent.

He adds that the majority of the loans have been for investment—the purchase of farms and equipment, or the improvement of farms and farm houses.

SCGF holds 55 % of the sugar cane loan market share and 11% of the agriculture loan markets, with a total loan portfolio of $29.317m for over 5400 cane growers.