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SCGF Reviews Loan Policy

Sugar Cane Growers Fund (SCGF) Chairman Mr. Ahemad Bhamji this afternoon at the handover of the New Farm Assistance Grant had announced Lending policy changes.
He said that SCGF is committed to the transformation of the industry. He said the Coalition Government has introduced various incentives and he acknowledged the Government and the line Minister – Hon Charan Jeath Singh for that.
Last week he said, we had a similar event whereby in Labasa 16 farmers received a grant $59,495.42 and 72 farmers from Seaqaqa $340,489.92. The commitment of the Government supported by the Sugar Cane Growers Fund is a testimony.
Mr Bhamji advised that the Board of SCGF had met today and made some of the Loan Policy changes after comprehensive deliberation which are as follows:

  1. Equity on farm purchases has reduced from 33% to 20%;
  2. Compulsory insurance covers have been waived for the purchase of Truck and Machinery, where 80% of the cane payment meets the loan repayment;
  3. Equity on Purchase of Farm Machinery, Truck, and Tractors has been reduced from 10% to 5%; and
  4. Medical Expenses Loans had been increased from $10,000 to $20,000 considering the needs of the growers.
    This comes into effect from today.

    This shows our commitment and ability to be flexible to the needs of the community we serve, said Mr Bhamji. Nonetheless, we are also very mindful of the risks too, he said.
    Furthermore, he added that feedback from the recent visit to North, SCGF will consider requests on Interest Rate Review, and Insurance to name a few.
    He thanked the Hon Minister, Ministry, fellow Board Members, CEO, and the team for the great initiatives.
    Raj Sharma
    Chief Executive Officer