Farmers have easier access to loans - DBJ

The Development Bank of  Jamaica (DBJ) says farmers are finding it easier to access loans because of  their track record of  repayment.

General Manager, Loan Origination & Portfolio Management at the DBJ, Edison Galbraith, says despite external risks to farming, including drought and floods, most farmers have shown compliance in repaying loans.

He says because of  this, commercial banks and credit unions have become more involved in financing agriculture:

“Over the years we have found that the number one supporter for agriculture has been the National People’s Cooperative Bank, they have had some challenges in recent years, but that has been the biggest supporter  . We have seen for example, a number of commercial banks and credit unions getting involved in agriculture. They are supporting cash croups and poultry in a very big way right now ..”  Galbraith said.

Meanwhile,  President of  the Jamaica Agricultural Society, Norman Grant, is urging the government to review its participation in the Caribbean Catastrophe Risk Insurance Facility (CCRIF).

Speaking at the RJR News Forum, Grant said farmers continue to suffer the effects of   droughts and floods and have not benefitted from the CCRIF.

He also reiterated a plea to the government to explore an insurance fund for farmers.

“We have called on the government to put into place a national crop insurance scheme . That hasn’t happened, but we thing it is very important. I think the DBJ and the lending banks have some level of insurance on some of the loans. But were we sit at the JAS , every singly year that you table your budget, there needs to be a contingency to support the farmers. But aside a billion dollars, if we don’t have a disaster, it will roll over and the next year, it will be two billion dollars,” the JAS president said.