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SCGF Launches New Farmer Loan Product

Sugar Cane Growers Fund (SCGF) launched a new Government Grant Cane Farm Loan product that will complement in revitalizing the sugar industry. Speaking at the launch, Hon Minister for Multi-Ethnic & Sugar Industry, Charan Jeath Singh said that they would bring in many changes to the industry for the betterment of the farmers. He said that this loan would entice the growers to buy a farm. He added under this package Government provides 30% of the cost or a cap of $7500. The loan is offered at an interest rate of 2.99% per annum for 12 months and thereafter 6 % per annum, He thanked the Board and management for the revision of the product with such an attractive package.   

The newly appointed Chairman of SCGF, Mr. Ahemad Bhamji said from the 10,563 productive growers, 4,954 (49% by number) have loans totaling $32m, which represents over 60% of the market share by value.   

He said there is a new vision and way forward for SCGF. He advised that whilst fees and charges are reasonable compared to the market, they will further be reviewing this in the next 3-6 months’ time and will also review the Lending Policy to make loans more accessible.

SCGF has considered various aspects of operations, including recognizing staff promptly, further improving the governance structure and succession plan.

The Board has also considered strengthening its Balance Sheet within its investment plan so that benefits can be passed to the growers. SCGF will also consider a Grower Loyalty Program, greater representation and reach to the growers in person or through technology, said the Chairman Mr Bhamji 

He added that Management is also at the forefront with TLTB and the Lands Department on the lease renewal and our relationship is very cordial.  

Raj Sharma

Chief Executive Officer