BASSETERRE St. Kitts, March 5th 2012 - The Development Bank of St. Kitts and Nevis, under a programme partnered with the Sugar Industry Diversification Fund (SIDF), has been offering interest free loans to farmers and fishers for amounts up to EC$25,000, and at six per cent interest for amounts above and up to EC$50,000. However the interest is applied on average at three percent per annum.
Head of the bank’s Business Support Unit, Mr Shavon Douglas, while addressing a town hall meeting on Wednesday night February 29 organised by the Sandy Point Agricultural Co-operative Society Limited and held at the Sandy Point Community Centre, informed members who were celebrating the organisation’s second anniversary, that the funds are aimed at improving the country’s food security.
“The St. Kitts and Nevis Sugar Industry Diversification Foundation/Development Bank of St. Kitts and Nevis (SIDF/DBSKN) Agricultural Fund was put together to encourage entrepreneurship among citizens and residents of the Federation,” said Mr Douglas. “The programme, which aims at providing a cheaper source of funding to the food production sector, targets practising farmers, fishers and horticulturists.”
The town hall meeting which was chaired by Ms Dereca Thompson was also addressed by Senior Minister and Minister of Agriculture the Hon Dr Timothy Harris, the society’s President Mr Lionel Stevens, and Senior Physical Planner Mr Meshach Alford. Others were Mr Eric Browne of the Department of Agriculture, Mr Randolph Hamilton of the St. Kitts Tourism Authority, and Mr Clyde Thompson of the Co-operatives Department.
Minister of Agriculture Dr Harris, congratulated the members of the Sandy Point Agricultural Co-operative Society Limited for their sticking together and their ability to deliver. “Indeed I believe this is one of the better organised groups we have in the agricultural sector in terms of people coming together in their mutual interests,” said the Minister.
He advised them of the importance of keeping records. He said: “It is a business and therefore you have to record very carefully all that you have sold so at the end of the day you could make an honest assessment whether it has been worthwhile. All of those things will assist when you go to the Development Bank for them to be able to examine and to explore the true financial viability of the organisation and of your business.”
Achieving food security was the reason behind the formation of the Sandy Point Agricultural Co-operative Society Limited, said its President Mr Lionel Stevens. As they celebrate its second anniversary, the society is looking forward to partnering with lending institutions such as the Development Bank as well as the Ministry of Agriculture to further enhance agricultural production.
“One of our main activities right now is the marketing of our goods at the Sandy Point market, which we opened on July 3, 2010,” observed Mr Stevens. “Together we are working hard in terms of promoting agriculture, and letting the community know the importance of agriculture as well as improving the agriculture produce that we have in the Federation.”
*************************
DISCLAIMER
This article was posted in its entirety as received by SKNVibes.com. This media house does not correct any spelling or grammatical error within press releases and commentaries. The views expressed therein are not necessarily those of SKNVibes.com, its sponsors or advertisers
