Fcmb grants ngo n10bn loan for young farmers
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FCMB Grants N10bn Loan to Support Young Farmers
First City Monument Bank (FCMB) has announced a N10 billion loan facility to support young farmers in Nigeria. The loan is aimed at promoting agricultural development and empowering young farmers to increase food production and improve the country's food security.
Key Highlights:
- Loan Facility: The N10 billion loan facility is a special package designed to support young farmers in Nigeria, with a focus on small-scale farmers and agricultural cooperatives.
- Eligibility: The loan is open to young farmers aged between 18 and 40 years, with a minimum of 50% ownership of the farm or agricultural business.
- Interest Rate: The interest rate for the loan is 12% per annum, with a repayment period of 5 years.
- Collateral: The loan requires collateral, which can be in the form of farm equipment, land, or other agricultural assets.
- Purpose: The loan can be used to finance various agricultural activities, including farm inputs, equipment, and working capital.
Benefits:
- Empowerment: The loan facility aims to empower young farmers to increase their agricultural productivity and income.
- Food Security: The loan is expected to contribute to improving food security in Nigeria by increasing the production and availability of food.
- Economic Growth: The loan facility is expected to stimulate economic growth by creating jobs and generating income for young farmers and their communities.
Conclusion:
The N10 billion loan facility by FCMB is a welcome development that can help to promote agricultural development and empower young farmers in Nigeria. The loan facility is expected to have a positive impact on the agricultural sector, food security, and the overall economy of the country.