Chief Executive Officer, Rural Agricultural Development Authority (RADA), Peter Thompson (right); and President, Community and Workers of Jamaica Co-operative Credit Union Limited (C&WJCCUL), Condell Stephenson (centre), sign a memorandum of understanding between the Rural Agricultural Development Authority (RADA) and the Community and Workers of Jamaica Co-operative Credit Union Limited (C&WJCCUL), at the C&WJCCUL, Half-Way Tree Road, on Tuesday, June 18, 2019. Sharing in the moment are Minister of Industry, Commerce, Agriculture and Fisheries, Hon. Audley Shaw (left); along with (background l-r) Chief Executive Officer, C&WJCCUL, Carlton Barclay; RADA’s Board Chairman, Nigel Myrie; Senior Regional Manager, C&WJCCUL, Andrea Mumby; and Director, C&WJCCUL, Paulette Howell. RADA and C&WJCCUL signed an MoU to solidify a loan programme for farmers registered with RADA to access financial benefits, which will ultimately stimulate improved productivity for farmers.
The Community & Workers of Jamaica Co-operative Credit Union Limited (C&WJCCUL) has entered into an agreement with the Rural Agriculture Development Authority (RADA) that will see the Credit Union providing financing to its members who are registered RADA farmers involved in the cultivation of cash crops.
The memorandum of understanding (MoU) will seek to provide the means for farmers to expand production and productivity, employ climate-smart practices, advance packaging for marketing of their produce and/or improve post-harvesting mechanisms and maintain standards, quality and reliable yields for their farms.
The Credit Union will grant loans up to a maximum of $350,000 with interest rates ranging from 20% to 32% per annum on the reducing balance.
Speaking at the signing ceremony at the Community & Workers of Jamaica Co-operative Credit Union Limited, Corporate Office, Half-Way Tree Road, on June 18, Minister of Industry, Commerce, Agriculture and Fisheries, Hon. Audley Shaw, welcomed the initiative, stating that it speaks directly to partnerships that will facilitate growth in our economy through increased production and effective utilization of resources that are currently owned by farmers.
“One of the problems stifling the growth of the agricultural sector in Jamaica is the lack of access to finance at reasonable rates for farmers to advance their businesses,” said Minister Shaw.
This, he said, can now be addressed through this enterprising project between C&WJCCUL and RADA to get funds into the hands of our small farmers across Jamaica as we are now on the cusp of major changes in the agricultural industry.
“We are now working on all kinds of initiatives to get more money in the hands of our small farmers,” he added.
Under the MoU, as part of the qualification process, RADA will be required to issue a letter of recommendation. Upon receipt of the loan, RADA will frequently monitor the farms of beneficiaries to ensure that crops are being cultivated under favourable conditions, and advise the Credit Union immediately when participants for one reason or another cease to be a member of the Authority.
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