Landbank approves P1.1B in loans to support local onion industry

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In a statement, Landbank said that, as of September 30, it has approved P1.1 billion in loans to support the production and trading of onions and acquisition of cold storage equipment.The lender said additional loans worth P102.9 million are in the pipeline.

State-run lender Land Bank of the Philippines said Friday it has approved over a billion pesos worth of loans to support the growth of the local onion industry.

Under the program, small farmers may borrow up to 90% of the total project cost for a production loan, while a maximum of 80% may be borrowed by small and medium enterprises , cooperatives, farmers’ associations and organizations, large agribusiness enterprises and corporations, non-government organizations , and countryside financial institutions .

Local government units may likewise avail of financial support under the Sulong Saka Program, provided that the loan amount will not exceed their net borrowing capacity, as certified by the Bureau of Local Government Finance , Landbank said.

 

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