COVID -19 RELIEF FUND
Farming and agricultural processing are considered an essential service for food security and in order to ensure that critical agricultural production activities continue uninterrupted the fund has been created to support famers and minimise losses to current farming operations as a result of COVID-19.
The Minister of Agriculture, Land Reform and Rural Development, Thoko Didiza announced that the department has set aside R100million for COVID-19 grant scheme, which will be made available through Land Bank to small holder farmers who are in distress and have loans to pay.
Who set up the fund?
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The Covid-19 relief fund has been set by the Department of Agriculture, Land Reform and Rural Development.
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Who is eligible for the funding?
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Existing Land Bank clients (customers with an annual turnover not exceeding R10 million), including those with our Service Level Agreement partners.
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What can the funds be used for?
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The funds may be used to assist small holder farmers who have loans to pay and experience financial distress resulting from the impact of COVID-19 on farming operations.
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How will the fund work / be used?
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This fund is a loan instalment waiver of no more than one year of instalments due per farmer whose business operations have experienced distress caused by COVID-19 and associated intervention measures implemented by government. The loan instalment waiver absolves the farmer from loan instalments as these instalments or part thereof will be covered by the funding from the department.
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How much can a client access?
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A client may access up to a maximum of R2 million.
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Who is excluded and does not qualify to access the grant?
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Over indebted customers and those with distressed accounts due to other reasons, not Covid-19 related, are excluded from this support.
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Which farming industries qualify for funding?
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Vineyards, fruits and other.
Grains and other field crops.
Livestock and Game farmers.
Timber.
Wool.
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How can the fund be accessed?
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If you meet the above mentioned criteria or would like more information, please contact your commercial banker.
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