Description
SA SMART AGRICULTURE KAMI AANGAT! (SA-SAKA)
The LifeBank Foundation (LBF) with its vision of inclusive wealth among the members and farmers has developed a new product that would help uplift the quality of life of the members/farmers (beneficiaries) through a holistic approach. The approach will support the beneficiaries in producing, processing and marketing through training, mentoring and providing financial support packages.
A product is being provided by LBF for members/farmers trained under LBF Social Enterprise Program (SEP), called “SA-SAKA” (Sa Smart Agriculture Kami Aangat!). Through “SA-SAKA”, agripreneurs are given access to credit facility that could scale up their agri-business. It is hoped that the access to a credit facility, coupled with support to production and processing, farmers/members would expand their means to move themselves out of poverty as a result of being able to sustain their livelihood and ensure financial sustainability.
Current Portfolio Status of Sa-SAKA: as of May 2017
Total Number of Members: 47 Total Number of Borrowers: 36 Total Loan Disbursed: 9 Million (Principal amount)
| Rationale | The LBF Agricultural Financial Package is developed to assist farmers in their production of their crops for a particular planting season. |
| Coverage | Bulacan, Nagcarlan and Leyte |
| Eligible Borrowers | Members who are active borrowers of LBF-IMP, paticipants of the SEP Training and Mentoring Program, Owners of at least 2,000 sq.m of agricultural land, Willing to adopt organic farming |
| Basic Policies | Short Term Loan (short cropping cycle) 2months to 6 months depending on crops |
| Purpose | To finance the farm inputs in growing crops |
| Loanable Amount | From P5,000 (lowest) to P50,000 (highest) 1st Cycle; From P51,000 to P100,000 (for long term cycle) – second cycle and up |
| Interest Rate | 10% per cycle |
| Repayment Term | Based on crop cycle or cash flow |
| Repayment Schedule | Twice a month |
| Availability | Via 5-10 day promissory notes (PN) or depending on the term of the loan |
| Collateral | Assignment of promissory notes; Assignment of crop insurance |
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