Agricultural Investment Unit Faces Delinquency
The Agricultural Investment Unit, established in October of 2008, came about when the Government of Dominica saw the need to facilitate its farmers’ investments.
Dr. John Toussaint, head of the Agricultural Investment Unit, said the idea of the unit conceptualized, when they realized the difficulty for farmers who wanted to invest, to go through the red tapes within the banks to acquire loans.
Priorities are given to farmers who harvest large volumes of produce in a sustainable way.
Farmers can receive from $10,000.00 up to $100,000.00, as long as the requirements for approval are met.
Delinquent farmers hinder their peers from an opportunity to acquire funds when they do not meet their obligations.
In regards to addressing the problem at hand, the Agricultural Unit has asked farmers to provide collateral before the loan is approved.
Mr. Toussaint further explained this process, by stating that many delinquent farmers loans were refinanced in order to accommodate their financial issues.
A list of the delinquent farmers has been submitted to the Attorney General who will review it and provide further instructions.