Guide on the Requirements for Landbank Loan To Farmers 2023 Application Process
REQUIREMENTS FOR LANDBANK LOAN TO FARMERS 2023 – Here are the documents needed in applying for the “Sulong Saka” loan offer.
Undeniably, there are a lot of farmers in the Philippines and farming business that usually needs financial assistance most especially during planting season. The good thing is that there are loan offers that were specially crafted for farmers.
In the country, one of the banks that offer loans specially crafted for farmers is the Landbank of the Philippines. It is a government bank in the country and one of the biggest of its kind in the country.
One of the loans offered by the Landbank of the Philippines for farmers is the “Sulong Saka” loan. It is open for application for any of the following purposes:
- Fixed Asset Acquisition
- Building Construction
- Production Loan
- Rediscounting
- Working Capital/Commodity Loan
- Permanent Working Capital
The government bank has also cited the eligible projects that its Sulong Saka loan offer can finance. Here is a list of the eligible projects under the offer:
- Production of High Value Crops like…
- Vegetables (Highland, Lowland, Spices, Legumes)
- Fruits (Mango, Banana, Pineapple, Others)
- Industrial Crops (Abaca, Bamboo, Coffee, Cacao, Rubber, Oil Palm)
- Alternative Food Staple Crops (Saba-Cardaba, Soybean, Rootcrops)
- Establishment of nursery, budwood/mother plant/parent clone
gardens - New Plantation, Replanting, Rejuvenation, Rehabilitation of old
trees - Post-harvest activities (fermentation, drying,) and processing/
manufacturing (roasting, grinding/milling, packaging, storage) - Trading, Export
The Sulong Saka loan is open for individual small farm holders, small and medium enterprises (SMEs), cooperatives, farmers associations or organizations, large agribusiness enterprises (LAEs) or corporation, local government units (LGUs), non-government organizations (NGOs), and countryside Financial Institution (CFIs).
There are eligibility criteria in applying for the Sulong Saka loan. Here are the requirements for Landbank Loan To Farmers 2023 “Sulong Saka” application:
- must pass current Landbank of the Philippines’ established Risk Asset Acceptance Criteria (RAAC) prevailing
- has no existing loan with the bank, Landbank conduits and other creditors covering same project area or that such loan has already been fully paid
- has an identified market for his/her produce, preferably through purchase orders with reliable buyers or traders
There are also specific requirements for Landbank Loan To Farmers 2023 “Sulong Saka” application depending if you are a small holder farmer, a landowner or a leaseholder. Here are the additional requirements:
Small Holder Farmer
- minimum farm area of 0.5 hectare but not more 5 hectares
- must be the landowner or a leaseholder
For Landowner
- must be an actual tiller or is directly supervising the farming activities
- must have a land title (OCT, TCT, EP or individual CLOA )
For Leaseholder
- must have a written or notarized lease
contract or similar contracts with remaining term at least equal to the term of the loan
