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  • Speaker Of The House Signs MOU With FOPREL And SICA

    Friday, 07 September 2018 02:44
  • New International Flight Headed To Belize

    Friday, 07 September 2018 02:46
  • 224 Farmers Graduate From Farmers Field School

    Friday, 07 September 2018 03:09

With Christmas around the corner and no sight of an agreement between cane farmers and BSI, there is no doubt that the economy of the north is being affected. In order to bring some alleviation to the economic effect and to cane farmers who have been unable to deliver their cane due to the current impasse, Saint Francis Xavier Credit Union has come up with a plan that benefits cane farmers.


It is a loan promotion that has seen the allocation of $600,000 which is available for cane farmers to borrow from.

 

Screen_Shot_2014-12-11_at_7.46.44_PMRafael Dominquez- Gen. Manager


“These farmers at this present situation with the negotiation with BSCFA and ASR/BSI where there seems to be an endless solution and yet we are seeing that tie is passing as proposed that the crop should start the 8th of December and knowing the fact that in the spirit of Christmas the farmers are tied up, they are broke and it is a pity for us to just say well we will not put any interest on that, well the management and directors saw the need that we need to help our farmers and this is what the spirit of Credit Union movement is whereby we are involved directly with the members, we listening to what is happening so while a battle is going on out there St. Francis is making a Union with the farmers in trying to have them in the spirit of Christmas and because of this situation that the farmers are eager to start the crop so the directive and management decided that we need to help the farmers and we need to give them a small Christmas loan.”


To qualify for the loan the cane famer must be a member of the Saint Francis Credit Union and the amount loan to him or her will be based on their production. As for the minimum rate, it stands at $3.00 per ton of sugar cane.

The good news here is that not only will cane farmers be paying back the loan at 1% interest rate but that the promotion also gives the borrower the option to pay back the loan up until the third and final crop payment which is known as the “ Back Pay or Bonus.”


Rafael Dominquez- Gen. Manager


“The cane farmers will pay the normal, the regular interest of the 1% per month and indeed the farmers will not need to pay this loan during the first payment of crop, we are suggesting that because the farmers does not commit the third payment then that would be the time that the farmers can apply that $3 on the last payment of the crop.”

 

Victor Castillo – Reporter


“So is it not on the first payment but on the third payment, the back pay, so that means that they will not be able to pay this back until next year November?”


Rafael Dominquez- Gen. Manager


“All they need to do is to walk in and sign a simple document $3 per tonnage and they are walking out with their loan the same day.”


As mentioned, only cane farmers that are members of the Saint Francis Xavier Credit Union are eligible to apply for this promotion.

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