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BAAC’s Bt1-billion loan campaign to help fruit farmers bypass middlemen

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The Bank for Agriculture and Agricultural Cooperatives (BAAC) has earmarked Bt1 billion as loans to farmers, community enterprises and agricultural cooperatives which wish to sell their produce directly to markets.

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“The campaign aims to help farmers, community enterprises and agricultural cooperatives to harvest, transport and sell their fruit to markets without going through middlemen, which will help stabilise prices and increase the net profit earned by growers,” BAAC president Apirom Sukprasert said today (June 8).
“We will focus on seven economical fruits – rambutan, durian, mangosteen, mangoes, longan, lychees and longkong.
“The loan limit for individual farmers is Bt5 million per person, with an annual MRR interest currently at 6.5 per cent,” Apirom said. “Community enterprises and agricultural cooperatives can apply for a maximum loan of Bt30 million and Bt50 million, respectively, with an annual MLR interest currently at 4.875 per cent.”
Loans required by enterprise customers must not exceed 20 times their registered capital. The bank will help all customers by contributing 3 per cent of interest in the first six months.
To be eligible, applicants must have registered with the Department of Agricultural Economics as growers of any of the seven fruits in crop year 2020.
Interested farmers, community enterprises and agricultural cooperatives can apply for a loan from now until September 30 at any BAAC branch, or contact the bank via 02 555 0555.

Published : June 08, 2020

By : THE NATION