The Smallholder Economic Interest Farmers Agricultural Cooperative(SEIFAC), have set to begin the disbursement of funds to qualify applicants.
The disbursement exercise will commence after the management have concluded the issuing of SEIFAC Identification Cards to all their members.
However, the date for the disbursement process has not been announced but according to the SEIFAC National Programme Coordinator, that the disbursement of funds will commence immediately after the registration process.
Read Also: Understanding SMEDAN Loan Programme
(Photo of the SEIFAC ID Card)
Meanwhile, many applicants are worried over the delayed in the fund disbursement as many of them fuelled the speculations that the Programme seems to be fake as there are some complications during the registration process. Therefore, today in this article I am going to share some major criteria for applicants who applied in the Programme early enough before others. But before I proceed, I will also like to share some requirements for Registration of the Programme.
1. Applicant must be a citizen of Nigeria with an experience in Agriculture or Agribusiness.
2. Applicant must have a farm land of about 3-5 hectares.
3. Applicant must open an account with the Heritage Bank plc as the only approved bank for the Programme.
4. Applicant must make sure he/she provides valid information about his/herself.
5. Must provide a Guarantor.
6. Must visit any SEIFAC local office to sign the loan Agreement form after registration.
(SEIFAC Loan Agreement Form)
The above are the criteria for a successful Registration. Applicants will be selected after they have been able to provide the above requirements.
Therefore, Applicants Should avoid these 5 things to avoid Disqualification:
1. Providing false or invalid personal information.
2. Applicant should clear existing loans with other loan’s platform.
. Your next of Kin details must be valid to avoid been disqualify.
4. You must have a farm land which you can start up your Agribusiness after disbursement.
5. Applicant must make sure he/she fill the loan Agreement form.