SSB Lending Rates: A Little High For Citrus Farmers

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Updated: July 28, 2017

On July 3 we told you of the ten million dollar facility that the Social Security Board had established for citrus growers.  According to SSB, they are keeping with its strategy to participate in responsible, productive domestic investment aimed at growing and sustaining the fund and to contribute to the long term sustainability of the citrus industry.  Agriculture Minister, Godwin Hulse welcomes the facility and says it is very much needed.

GODWIN HULSE

“Yes they are gonna capitalize on it, there is some issues with it but you don’t look a gift horse in the mouth. We’ve worked hard to get both SSB and DFC to try to facilitate the industry and I’m glad they’ve made the offer. The rates are a little high but then its the people’s money that we have to secure and SSB is concerned about recovering their loan money and the investment so the farmers will take it up.”

The monies are available to qualified growers for the purpose of citrus and/or pineapple planting.  Loan application will be approved based on the SSB’s investment framework which requires recommendation from the Investment Committee, final approval from the Board of Directors and public notification.  Qualified growers are being encouraged to tap into the facility and to get more details on the facility from the Investment Services Unit.