Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, has reaffirmed its commitment to the growth of Nigeria’s agriculture sector by supporting farmers and other players in the agricultural value chain.
As the demands on agribusinesses change seasonally, the foremost financial institution provides financing solutions for agricultural enterprises to suit their requirements. These needs range from availability of resources, to farming equipment, as well as enhancement of seasonal cashflow, amongst others.
Stanbic IBTC Bank PLC offers various low-interest credit facilities across the agricultural sector that will help clients to cushion the impacts of the COVID-19 pandemic.
Speaking on this, Wole Oshin, Head, Agribusiness, Stanbic IBTC Bank PLC, said that the agribusiness financial solution is geared towards ensuring that players in the agriculture space are not hindered by lack of finance.
He said: “The Bank’s suite of agribusiness solutions minimises risks, ensures maximum control and optimises profits associated with international trade by making transactions smoother, simpler and safer for all parties involved. Some benefits of the Stanbic IBTC Agribusiness Finance include: availability of gap-funding for unforeseen financial needs, maintenance of cash flow and flexibility of repayment terms based on the type of funding. This facility is also versatile and can be utilised for funding resources, vehicles and farming equipment.”
Oshin noted that agricultural enterprises can access Overdraft to finance their short-term cash flow and working capital needs. “With quick and flexible processes, funds are available when needed and interest is paid only on funds utilised, not on the full amount on which the limit is set,” he added.
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He further reiterated that the Asset Finance solution can aid in the financing of all farming vehicle and implement needs, with a wide range of packages to suit business’ cash flow and tax requirements. “Vehicles and assets such as tractors, harvesters, irrigation equipment and so on, to enhance production,” he said.
Other available facilities are Business Revolving Credit Loan, Agricultural Production Loan and Medium-Term Finance. These are suitable for grain farmers, individual farmers, groups and entities in the agricultural sector. Our loans are designed to accommodate the purchase of various agricultural inputs (like seeds, fertilizers etc), livestock, agriculture-related products and asset acquisition.
