TobaGrow Loan Launched To Support Tobago's Farmers And Fishermen
Tobago’s farmers, fishermen and agro-processors can now access loans from the Agricultural Development Bank (ADB) tailored to meet their specific needs.
The TobaGrow Loan was launched in conjunction with the Ministry of Agriculture and Fisheries in Tobago on Tuesday.
One of the major challenges facing agro-processors, fishermen and farmers in Tobago is limited access to funding for equipment, infrastructure upgrades, vehicle purchases and business expansion.
According to Minister of Agriculture Ravi Ratiram, the loan programme is designed to make financing more accessible, support the growth of the agricultural sector and strengthen food security on the island.
« For far too long one of the greatest barriers confronting our farmers, our fisherfolks and our agribusiness operators has not been the lack of ideas, or the lack of determination or innovation. It has been access to capital, access to financing. »
The Minister said this loan allows returning applicants to access up to TT$100,000, and new customers up to TT$50,000 with 100% financing. The loans also allow for a variety of repayment methods and moratorium provisions.
« TobaGrow represents far more than access to credit. It represents confidence in Tobago’s producers, it represents confidence in Tobago’s ability to become an even stronger contributor to national food security. »
The initiative was welcomed by Secretary of Food Security, Wane Clarke, who noted that the loan is an empowerment tool for the agri-sector in Tobago.
« Without capital to make the necessary investment, the potential attain maximum success often remains unachieved. The launch of the TobaGrow loan portfolio is therefore significant and comes at an important time for agriculture on the island. »
For Tobago East Member of Parliament David Thomas, the initiative is an answer to one of the biggest complaints he has received from farmers within his constituency.
« It is very useful when you have other persons external to your island who understand that you have a need and they are willing to offer you quality products. That kind of partnership creates the opportunity for us to all flourish. »
The loan is open to citizens and residents of Tobago over the age of 18 wishing to expand their production, repair equipment and vehicles, access working capital, and consolidate debt.
