Bagricola approves RD$100 Million credit line for livestock purchases

Santo Domingo.- The Agricultural Bank (Bagricola) has granted approval for a credit line of RD$100 million to members of the National Livestock Board. This credit is specifically earmarked for the purchase of cattle with high genetic value during an upcoming auction at the National Agricultural Fair on Saturday, March 16.

Fernando Durán, the administrator of Bagrícola, explained that these funds will be provided at an annual interest rate of 6%. Additionally, the institution will finance the purchase of up to 10 animals for farmers who comply with the credit policies set by Bagrícola.

According to a press release, meat and milk producers benefiting from this credit line will have up to seven years to repay, depending on the characteristics of the purchased animals. The Livestock Fair will be the venue for receiving loan applications, with a dedicated stand set up by Bagrícola.

Durán highlighted that the initiative aims to enhance livestock breeds with high dairy productivity across the national territory. He expressed optimism about the promising future of livestock farming in the Dominican Republic.

Within the framework of the fair, Bagrícola is extending financial assistance to producers involved in short-cycle and fruit crops, acquisition of machinery, equipment, trucks, and poultry farming, all at an annual interest rate of 8%.

The credit institution is also accepting applications for loans related to the rehabilitation of greenhouses, acquisition and installation of pressurized irrigation systems, acquisition and installation of solar energy, promotion and rehabilitation of cocoa, coffee, tobacco, fruit orchard plantations, and pasture and forage improvement, among other categories.

Disbursements of funds will be facilitated through letter orders, with payment due 30 days after presentation for collection.