LOAN-A-COW CREDIT FACILITY LAUNCHED An innovative credit facility that allows dairy farmers to access financing for their cows without need to provide collateral has been launched at Chaloshi Farm in Chisamba. The Loan-A-Cow financing product results from a partnership between the Zambia National Commercial Bank (ZANACO) and the Zambia National Farmers’ Union (ZNFU). Loan-A-Cow enables small-scale farmers or emergent farmers to access financing for the acquisition of dairy cows. The small-scale farmers can access funding as a cooperative, while emergent farmers can access as individuals. With this facility, the lending bank, ZANACO, will not require conventional collateral such as title to land. Instead, the animals purchased will be used as collateral and the loans will be financed by proceeds from milk production. The facility has so far attracted 470 applications from farmers around the country, with more making inquiries. The facility is set to increase the country’s milk production from the current 452 million litres per year. The launch was graced by the Minister of Agriculture and Livestock Wylbur Simuusa, ZNFU second Vice President Graham Rae, Dairy Association of Zambia Chairperson Mirriam Mbazima, ZANACO Managing Director Bruce Dick and Golden Valley Agricultural Research Trust board chairman Namukolo Mukutu.
Posted on: Mon, 25 Aug 2014 08:27:35 +0000
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