Young entrepreneurs in farm sector to get loan option from LANDBANK
The Land Bank of the Philippines is looking to draw more Filipino youth to the agriculture sector by providing a loan option for those who intend to venture into any agri-related businesses at a young age.
To be specific, LANDBANK launched the Young Entrepreneurs from School to Agriculture Program (YESAP), a credit facility specifically for young entrepreneurs.
“Through this program, we hope to encourage and equip more of our Filipino youth to go into agri-entrepreneurship by introducing viable projects and providing access to credit and technical training,” said LANDBANK President and CEO Alex V. Buenaventura.
YESAP is open to sole proprietors aged 18 to 35 with viable startup or existing projects in agricultural/fishery production, trading, processing, servicing or distribution of agricultural crops and commodities.
Loanable amount is from P50,000 per borrower to up to 90 percent of the total project cost.
LANDBANK said interested ‘young agripreneurs‘ can borrow for various reasons, such as working capital; land acquisition; purchase of farm inputs, tools, equipment, and/or farm implements; or construction of mill, storage, dryer and other facilities that they may need for their project.