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"Fertile Loan" for Farmers from Agricultural Credit Cooperatives

13 OCTOBER 2020

Agricultural Credit Cooperatives of Turkey has launched a new loan to reinforce payment habits of its members and reward its members who make their payments regularly and duly.

Members of Agricultural Credit Cooperatives will be able to use interest-free loans of up to 10 thousand TL within the scope of the "Fertile Loan" project presented to thank its members who pay their loan debts on due date.

With the Fertile Loan, a new financial resource will be offered to farmers. Members who meet the necessary conditions will be able to use the loan in January-February-March 2021.

Agricultural Credit Cooperatives of Turkey, the biggest supporter of agriculture in Turkey at every stage of agricultural production from seed to table, brings a new loan facility to ease the burden on farmers. Turkey's largest farmer organization with 850 thousand members, Agricultural Credit Cooperatives has developed a new loan product under the name "Fertile Loan" in order to encourage its members to pay their debts on a regular basis and thank those who already do.

New resource for our farmers

Director General Dr. Fahrettin Poyraz said that as Agricultural Credit Cooperatives of Turkey, they always take on responsibility to ensure continuity in agricultural production and to stand by the producers, and for this purpose, they offer a new interest-free loan product to their members.

Poyraz pointed out that one of the most important problems faced by the producers is the cost of financing and said, “Even though we sometimes encounter criticisms as a result of the general economic fluctuations, we show that we, as Agricultural Credit Cooperatives of Turkey, always stand by our producers. With the Fertile Loan we launched, we have created a new resource for our members. In addition, within the framework of the negotiations we made with the Ministry of Treasury and Finance, we transformed discounted loans into fixed-rate loans for in-kind loans. Currently, our members can obtain their agricultural inputs using loans with a 7 percent interest rate annually.”

Poyraz explained that the members who used in kind loans of 10 thousand TL and more in 2019 and paid their debts on time will benefit from the Fertile Loan and added, "Our farmers will be relieved a bit with the Fertile Loan project we have initiated."

Telling that within the scope of the Fertile Loan, Agricultural Credit Cooperatives members can take seed, fertilizer, agrochemicals, feed and fuel oil (diesel) loans without any interest, Poyraz concluded, "In determining the amount of the Fertile Loan to be offered to the qualified members, the loan amounts given in 2019 will be taken into account, and the members will be provided with Fertile Loans up to 10% of the in-kind loan amounts they used in 2019. Our members, who will make the Fertile Loan application, will have taken out TARSİM (agricultural insurance) as of the date on which the loan will be granted. Our members, who meet the necessary conditions, will be able to use interest-free loans up to 10 thousand TL within the scope of the Fertile Loan project in January-February-March 2021. We are waiting for our members who meet the necessary conditions to the cooperative they are registered to for application."