Stanbic IBTC Bank Plc has announced that it is offering various low-interest credit facilities across the agricultural sector that will help farmers to cushion the impacts of the COVID-19 pandemic.
Speaking on this, Head, Agribusiness, Stanbic IBTC Bank Plc, Wole Oshin said that the agribusiness financial solution is geared towards ensuring that players in the agriculture space are not hindered by lack of finance.
He said: “The bank’s suite of agribusiness solutions minimises risks, ensures maximum control and optimises profits associated with international trade by making transactions smoother, simpler and safer for all parties involved. Some benefits of the Stanbic IBTC Agribusiness Finance include: availability of gap-funding for unforeseen financial needs, maintenance of cash flow and flexibility of repayment terms based on the type of funding. This facility is also versatile and can be utilised for funding resources, vehicles and farming equipment.”
Oshin noted that agricultural enterprises can access Overdraft to finance their short-term cash flow and working capital needs. “With quick and flexible processes, funds are available when needed and interest is paid only on funds utilised, not on the full amount on which the limit is set,” he added