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Farmers risk Bankruptcy despite Cheap Loans

Published: July 8, 2013 | 12:04 pm
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Numerous farmers have told the media that in spite of obtaining loans at low rates, there is a risk of their businesses going bankrupt, should the Agricultural Development Fund stop subsidising a part of the loans. The farmers have explained that the actual rate of their loans constitutes 15% p.a. though 12% has been subsidised by the Agricultural Fund, while only 3% was being paid by the farmers themselves. In spite of the low rates of the loans, these have been guaranteed by the farmers’ properties. The Ministry of Agriculture has not announced publically the identity of the individuals and companies that have obtained cheap loans for establishing new enterprises.

 

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