With
a limit of $ 40,000 per loan at an interest rate of 5 percent, the AEDP
has a grace period of 6 months for specific vegetable and root crops; 1
year for bananas, livestock, flowers, bees, cocoa, nutmegs, fruits and
infrastructure.
Repayment periods vary from 1 year for vegetable and root crops; 3
years for banana, passion fruit, livestock, flowers, bees and
infrastructure projects; to 10 years for long term tree crops.
To qualify a farmer must own land or have a long term lease; be in
good financial standing and agree to the loan terms. Farmers must be 65
years or younger. Farmers older than 65 years require a commitment by a
family member to honour the loan.
Application forms are available from the Ministry of Agriculture and
District Agricultural Offices, where farmers can get assistance with
filling out the forms. The process requires farmers to attend an
interview and work with Extension Officers to develop a Business Plan
in order to satisfy the requirements of the AEDP Approval Committee.
As of January 17, 2007 the AEDP had received 480 applications, of
which 151 were approved at a value of $4.6 million with $1.7 million
disbursed.