2023/2024 SEIFAC Loan Grant Application Form
If you’re a small-scale farmer in Nigeria looking for opportunities to enhance your agricultural ventures, you might be familiar with SEIFAC – the Smallholder Economic Interest Farmers Agricultural Cooperative. In this SEIFAC latest news update, we’ll explore the details of the SEIFAC Loan Application for the year 2023/2024 and whether applications are still being accepted.
SEIFAC Loan Application 2023/2024: Is It Still Open?
What is SEIFAC?
SEIFAC, which stands for Smallholder Economic Interest Farmers Agricultural Cooperative, is an organization formed by small-scale farmers in Nigeria with the goal of supporting and assisting fellow small-scale farmers. One of its notable initiatives is the SEIFAC/CBN Anchor Borrowers Programme, which aims to empower farmers across the nation.
SEIFAC/CBN Anchor Borrowers Programme 2022/2023
The SEIFAC/CBN Anchor Borrowers Programme has been actively gathering data for the year 2022/2023. This program is designed to benefit smallholder farmers and cooperatives throughout Nigeria by implementing a unique model of cluster farming known as Agricultural Production Clusters (Agro-PCs). This model allows smallholder farmers to collectively address the challenges they face when farming individually on a small scale.
SEIFAC Loan Grant Application – How It Works
If you’re interested in becoming a part of SEIFAC and applying for the SEIFAC/CBN Anchor Borrowers Programme, here’s a simplified guide on how the process works:
Step 1: Profile Creation
- You can create a SEIFAC profile if you are at least 18 years old.
- Membership in SEIFAC makes you eligible for various SEIFAC programs, including the SEIFAC/CBN Anchor Borrower Program.
- The goal is to treat agriculture as a business.
- The current SEIFAC portal is https://www.seifac.org/
Step 2: Registration
- To join, you must be at least 18 years old and interested in farming specific enterprise crops through the cluster farming model known as Agro-PC (Agricultural Production Cluster).
- Register your membership with SEIFAC by providing your personal information.
Step 3: Application
- Sign in to your SEIFAC Profile.
- Apply for the SEIFAC/CBN Anchor Borrowers Programme for the 2022/2023 Wet Cropping Season.
- Choose your preferred crop production based on your area’s soil suitability and your expertise.
Step 4: Project Account
- Open your SEIFAC Project Account with the official designated banks. The details will be provided through email and on SEIFAC’s website.
Registration for SEIFAC Loan Application Updates
For the latest updates on SEIFAC Loan Grant Applications, you can register your email with SEIFAC to stay informed.
SEIFAC Terms and Conditions
Before applying for a SEIFAC loan, it’s crucial to understand the terms and conditions associated with SEIFAC programs. Here are some key points:
- You must create a SEIFAC project account at designated banks.
- Participation in the Agricultural Production Group (Agro-PC) is mandatory.
- SEIFAC will provide insurance coverage for the allocated farmland.
- The SEIFAC/CBN ABP Single Number Interest Rate Loan (SDI) is a specific type and not physical cash.
- SEIFAC, along with your Agro-PC, will oversee production activities from land preparation to harvest.
- You should monitor activities on your allocated land for transparency.
- Agricultural equipment must be used within your Agro-PC branch.
- Ownership and harvest of produce from the allocated area are not allowed until the loan is fully repaid.
- An annual fee of N5,000 is required for Agro-PC, supporting the next farming season.
- There is a one-time fee of N7,500 initially, followed by an annual fee of N2,500.
- You must maintain an account with SEIFAC Microfinance Bank (SEIFAC-MFB).
- Commit to SEIFAC’s goals and adhere to the Cooperative Goodbye Law.
- Enroll in SEIFAC’s Health Insurance-HMO policy, SEIFAC Farmers Health Care System (SEIFAC-FHCS), with an annual fee of N6,000 due each harvest.
These terms and conditions highlight the commitment required from participants in SEIFAC programs, emphasizing transparency, cooperative responsibility, and long-term planning.
If you’re a small-scale farmer in Nigeria interested in SEIFAC’s initiatives and the SEIFAC/CBN Anchor Borrowers Programme, stay tuned for updates on the application process. SEIFAC continues to provide opportunities for smallholder farmers to thrive and contribute to the nation’s agricultural growth.