TUESDAY, JULY 15, 1980
$122.7 MILLION LOANED TO FARMERS
******
THOUSANDS OF FARMERS HAVE RECEIVED MORE THAN $122.7 MILLION IN LOANS FROM A 25-YEAR-OLD AGRICULTURAL CREDIT SCHEME ADMINISTERED BY THE AGRICULTURE AND FISHERIES DEPARTMENT.
UNDER THE SCHEME, THREE LOW-INTEREST LOAN FUNDS THE KADOOR IE AGRICULTURAL AID LOAN FUND, THE J.E. JOSEPH TRUST LOAN FUND AND THE VEGETABLE MARKETING ORGANISATION LOAN FUND ARE AVAILABLE TO FARMERS TO HELP THEM INCREASE OUTPUT.
THE LOANS ENABLE FARMERS TO BUY IN BULK SEEDS, FERTILISERS, LIVESTOCK, FEED, INSECTICIDES AND EQUIPMENT.
+THE FUNDS CAN ALSO BE USED TO FINANCE THE CONSTRUCTION OF FARM STRUCTURES, THE PURCHASE OF AGRICULTURAL LAND AND THE DEVELOPMENT OF MORE EFFICIENT FARMING TECHNIQUES, SAID MR T.C. CHAU, THE DEPARTMENT'S SENIOR AGRICULTURAL DEVELOPMENT OFFICER.
LAST FINANCIAL YEAR, 2 046 FARMERS RECEIVED LOANS TOTALLING $11.6 MILLION, HE SAID.
+THERE IS NO CEILING FOR THE MAXIMUM AMOUNT. LAST YEAR'S AVERAGE WAS $5 600,+ MR CHAU EXPLAINED,
MR CHAU SAID THE LARGEST LOAN GRANTED WAS $90 000 FOR PART OF THE PURCHASE PRICE FOR A FARM WITH 16 000 CHICKENS.
+WITHOUT THE LOAN, THE FARMER WOULD HAVE BEEN FORCED TO ABANDON THE FARM BECAUSE THE LANDLORD WANTED TO SELL THE LAND,+ SAID MR CHAU.
THE AVAILABILITY OF LOW-INTEREST LOANS HELPED MANY FARMERS TO OVERCOME DIFFICULTIES.
MORE THAN 70 PER CENT OF CHICKENS, ABOUT 40 PER CENT OF VEGETABLES AND 20 PER CENT OF PORK CONSUMED IN HONG KONG ARE OF LOCAL ORIGIN,
+OBVIOUSLY, THE LOANS ARE IMPORTANT FOR FARMERS TO COPE WITH PUBLIC DEMAND FOR LOCALLY PRODUCED MEAT AND VEGETABLES,+ MR CHAU SAID,
THE FUNDS, WITH A COMBINED CAPITAL OF $10 MILLION, ARE AVAILABLE AT LOW INTEREST RATES RANGING FROM 3.6 PER CENT TO SIX PER CENT PER ANNUM.
+A LOAN OF UNDER $1 000 IS INTEREST-FREE,+ MR CHAU SAID.
/APPLICATION FOR