Norman Grant dreams of a farmers' bank

The Jamaica Agricultural Society (JAS) wants to establish a commercial bank that will cater to farmers.
   
Norman Grant, JAS President, contends that, while agriculture contributes seven per cent to the nation's income and employs 200,000 people, many small farmers are unable to receive credit from the commercial banks with which they save.

The proposal will be discussed at the September board meeting of the JAS, but even ahead of that meeting, Mr. Grant has announced that a consultant will be engaged to "lead a process, within the next six to twelve months, to establish a true farmers' bank for Jamaica, so farmers can save in (that) institution, and they can be able to access loans from that institution."

Grant has acknowledged that there was a failed attempt in the past to establish a farmers bank, but he appears a firm believer in the viability of this new proposal.

If each of the 200,000 farmers deposits a minimum of $1,000 in the new bank, to get it started, that will enable it to begin with $200,000,000, he said.