SUGAR CANE GROWERS FUND

Priority Loans

 

  • Farm Development                            

  • Purchase of Farm Equipment

  • Drainage

  • Wedding

  • School Fees/Tertiary

  • Repairs of Farm Equipment

  • Purchase of Farm Equipment parts

  • Repair of Farm Houses

  • Electrical Wiring

  • Road Repairs

  • Weedicides

  • CDP – Farm Development

  • Medical Insurance

  • Harvesting Cost

  • Rehabilitation

  • Funeral Expenses

  • Legal Fees

  • Payment of outside debts

  • Purchase of working bullocks/horse

  • Borehole drilling

  • Financial hardship

 

How much Loan can a Farmer Borrow?

 

  • Priority Loan – maximum amount $5000 based on the eligibility at $10.00 per tonne calculated on an average of past three years cane production.

  • Specialised Loan – maximum amount $50,000

 LOAN FACILITIES 

 

 

Type of Loan Facilities

 

  • Priority

  • Specialised

  • Cane Development Revolving Fund

Who can Borrow?

 

  • Registered Cane Growers

  • Persons holding registered Power of Attorney from Registered cane growers

  • Executors/Trustees of farm under Estate

Interest Rate

 

Varies from 3 to 8% per annum depending on the type and term of loan facility. The rates may vary from time to time at the discretion of the Board of Management.

SECURITY/EQUITY

Specialised Loans

 

Purchase of Farms

1st Registered Mortgage, 1st Registered Crop Lien, Irrevocable Authority. Equity - 20% of Purchase price.

 

Construction on Farm Buildings

1st registered mortgage, 1st registered Crop Lien, Irrevocable Authority. Equity - 20% of cost of construction.

 

Purchase of farming machinery or equipment

1st registered mortgage, 1st registered Crop Lien, Bill of sale.
Equity 33% purchase price for new machine and 50% for 2nd hand machine.

 

New Agricultural lease consideration

1st registered Mortgages, 1st registered Crop Lien, Irrevocable Authority.

Additional collateral security to the value of required equity may be considered where a grower is unable to provide cash equity.

 

Refinance of Sugar Cane Growers Loans

Payoff grower’s loans with other lenders Only for the purposes provided in the Sugar Cane Growers Fund Act. Maximum interest 8% per annum and no additional charges.

 
VALUATION OF PROPERTY

Property

Valuation from a registered valuer is required on properties on which mortgage is to be taken.

 

Machinery & Equipment

Evidence of cost is to be furnished from the supplier of new machine or equipment. Valuation for second hand machine is required from registered valuer or a reputable dealer.

 

CONSTRUCTION OF FARM BUILDINGS

A minimum of 2 quotations are required from Building contractors. Loan funds will be released on progress payment monitored by architects. Cyclone cover is a must. Construction must be completed with the approved funds.

Self-build basis are not permitted.

 

TERM TO REPAY

Priority Loan - 1-5 years depending on purpose Specialised Loan
Purchase of farm & house construction – upto 12 years
Machinery (new) - upto 7 years
Machinery (2nd hand) - upto 4 years
New Lease Cost - upto 10 years
Refinance - upto 12 years

All loans must be repaid within the term of lease.

 

Sundry Request

May be considered at the discretion of the Board of Management and are aligned to various purposes and loan amounts.

 
Application Fees

A minimum fee of $10.00 per application for loans up to $10,000 and thereafter additional $1.00 per  $1000 is payable when application for loan is lodged.

Fee is not refundable.

How are Applications made?

You are to call at the Fund’s District Offices with the following documents:

  • Lease/Title

  • Certificate of Registration

  • Birth Certificate

  • Bank Statement

  • Additional information as may be required.

Specialised

 

  • Purchase of Farms

  • Purchase of Farming Machinery

  • Construction on Farm Buildings

  • New Lease Costs

  • Medical & Personal Expenses

  • Wholesome Refinancing

PURPOSE

Copyright to Sugar Cane Growers Council.  PO Box 5162, Lautoka. Phone: +(679) 6650466, Fax: +(679) 6650624