EGFL provides loan financing to help farming and fishing communities in Barbados become more competitive. EGFL also provides incentives, technical assistance and grants to this sector.
Qualifying for Assistance
- To qualify for finance, you must be registered with the Ministry of Agriculture and Food Security (MAFS) and issued with a Farm Registration Identification Card. You must also beregistered with the Barbados Revenue Authority (BRA) and the National Insurance Department and show evidence of compliance with these agencies.
- Loan financing is available from BDS$50,000 to BDS$1 million at an interest rate of 3.0% to 6.5% per annum calculated on a reducing basis. Exceptions may be made on a case by case basis.
- Security is required, usually in the form of a legal charge over assets acquired with the proceeds of the loan and any other collateral that might be deemed necessary.
- The focus for loan funding will be on projects that incorporate climate resilient and climate smart technologies.
- In the case of disasters and the loss of crops and livestock, please contact your extension officer, MAFS or the Barbados Agricultural Development & Marketing Corporation for assistance.
Applicants will be required to submit a completed application form. EGFL will provide assistance in preparing applications to the required standard for loan amounts less than BDS$150,000.
A comprehensive business plan should be completed and should contain the information specified in the Business Plan Guidelines.
Agriculture Loan Calculator
*estimates only