Have you ever applied for an agricultural loan?

Background

Agriculture employs over 80 percent of Uganda’s population especially in the rural areas. Favorable agricultural financing, especially to small scale farmers, is critical to its growth since it will improve output and value addition.  
In 2010, the government of Uganda in partnership with financial institutions including commercial banks and credit institutions, started the Agricultural Credit Facility, to provide favorable medium and long term loans to projects engaged in agriculture and agro-processing.  

While speaking at a function organized by Uganda Manufacturers Association (UMA) in April 2013, Dr. Samuel Sejjaaka, the Chairman of the Uganda Development Bank, indicated that the uptake of the credit facility is still very low and that a lot of money is lying idle at Bank of Uganda.  

Some of the reasons cited in the low uptake of agricultural credit facility is a lack of awareness, stringent conditions set by some commercial banks like requiring farmers to present business plans before accessing the facility and sometimes commercial banks charging higher interest rates than those set up by the Bank of Uganda. 

QUESTION

Have you ever applied for an agricultural loan? 

A. No, the interest rates are too high

B. No, the requirements are difficult to meet (like writing a business plan)

C. No, I was not aware of these loans

D. Yes, I have successfully applied for a loan

INSTRUCTIONS

Go to Messages in your phone. Type HITS followed by your answer. Send to 8585. This SMS is totally FREE OF CHARGE.