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Banca Intesa Loans For Subsidized Agriculture

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Banca Intesa today started receiving applications for loans for investments in agricultural production as part of this year’s subsidized loan programme for agriculture, which is being implemented in cooperation with the Ministry of Agriculture and Environmental Protection.

The offer includes short-term and long-term dinar loans for investments in livestock, crop, fruit and vegetable growing, loans with even more favourable interest rates for young people and women holders of farming households, as well as a special long-term dinar loan for agricultural machinery purchase.

“As a long-standing partner of the Government of the Republic of Serbia in fostering agricultural development and as one of the leading banks on the market in terms of providing support of the agriculture, Banca Intesa is traditionally one of the most active participants in the implementation of the state-subsidized agriculture loan programme, which is confirmed by the fact that we supported registered farming households with more than RSD 800 million in subsidized loans last year. We pay great attention to the economic integration of women through our offer of special loans for female entrepreneurs, which is why we are particularly pleased with the fact that this year’s subsidized loan programme brings significant benefits for young people and women in agriculture,” said Predrag Milenović, Head of the Small Business Department.

The subsidized loans have a 3% fixed interest rate per annum and are available in amounts of up to RSD 6 million for holders of registered farming households, or up to RSD 18 million for cooperatives. The repayment period is up to three years and there is a possibility of using up to a 1-year grace period. For farmers under the age of 40 and women holders of farming households, as well as for farms located in areas with difficult working conditions when agriculture is concerned, an interest rate of 1% per annum is envisaged, while the loans intended for investments in certain types of agricultural machinery are granted with a repayment period of up to 5 years.

Loans can be used for investments in working and fixed assets, namely for purchase of raw materials, livestock, agricultural machinery and equipment, and stock feed and is intended for owners of registered farming households, agricultural cooperatives and legal persons registered as farming households, regardless of whether they are Banca Intesa’s clients or not.

In 2016, Banca Intesa approved approximately 8,000 loans totalling over 35.4 million euro to registered farming households. Good results continued through the first six months of 2017 when some 4,750 loans were approved in the cumulative amount of over 20.5 million euro, with an increase in investments of around 10 per cent compared to the same period in 2016.

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