The Smallholder Economic Interest Farmers Agricultural Cooperative(SEIFAC), is one of the government approved initiative that is established and run on the premise of Anchor Borrower being control and administer by CBN.
Important things you must know about SEIFAC:
The program, having satisfied Central Bank Of Nigeria(CBN), requirements, is funded to make Agriculture a lucrative business to all Nigerians Agriculturist. As such, the program is aimed at giving out loan (not grant) of about N350,000 for a hectare of farmland land to beneficiary, while individual farmer who applied as a starter is required to have as much as 5 hectares and for the 5 hectares he/she will be entitled to N1,750,000.
All beneficiaries are expected to pay an interest rate of 9% to SEIFAC after the given time. However, the program is designed into two categories; Cluster and Personal Farming.
Therefore, applicants under this category(cluster), are expected to afford 1000 hectares of farm land. Applicants should also be aware that the fund will be pay into farmers heritage account, which is restricted and monitor by the Local Government Coordinator. Every process for the program will be monitored by the Local Government team that is selected by the cooperatives.
The above team will see to the affairs and management of the farm include, all farming process, harvesting and selling of the products to companies who buys in large quantity.
The SEIFAC Management, also provides insurance to members as they may be faced with problems such as drought, unfavorable weather conditions.
Recent Update Regarding Fund Disbursement:
According to the recent updates released by the management, that the disbursement of funds to members will kick off three weeks from now after proper investigations and monitoring of member’s account. And Applicants are expected to visit their respective banks for account upgrade, as some members may fail to receive their funds due to the inability of their account to receive huge amount of money. However, members are entitled to farm on three crops which includes; maize, cassava, and rice.
The management will also provide machines and fertilizers to help fasten the farming conclusion, all members have three weeks from today to regularize numbers of the hectare requested, fill and submit all forms and payment of dues. After weeks, members should expect their funds in their respective wallets for their Agricultural business.