Farmers who earn $6000 tala or less annually are now eligible to take a loan of up to $10,000 tala from Samoa Commercial Bank under its Small Development Loan scheme for low income earners.
The initiative is aimed at ensuring that all households and businesses, regardless of income level have access to and can effectively use the appropriate financial services they need.
“The objective of the loan scheme is to increase productive investments, productivity of low income families, export and living standards of families,” said Lemalu Ray Ah Liki, Managing Director of SCB.
“These are people who are unbanked and so not qualify for loans from ordinary lending sources but have the potential to improve their income earning capacity and quality of life,” he added.
The scheme is not exclusive to rural farmers.
It is also aimed at sustainable and short term crops, especially taro due to an increase in demand for exports.
Farmers will be able to repay their loan from as low as $20 tala a week for 12 to 36 months.