Sun, 16 Aug 2020

Young agripreneurs may avail of start-up loan via PayMaya

Philippine Information Agency
10 Jul 2020, 22:38 GMT+10

LUCENA CITY, JULY 9 (PIA) -- Attention young agripreneurs!

If you are 18-30 years old, graduate of formal or non-formal schooling, and interested to engage in fisheries and agriculture business, the Department of Agriculture (DA) offers a loan program for you.

Through the Agricultural Credit Policy Council (ACPC), the DA initiated the first digitized financing program dubbed the Kapital Access for Young Agripreneurs (KAYA) for the Young Filipinos with proposed or existing agribusiness projects.

"Gusto ko talagang mahikayat ang mga millennials na bumalik sa agrikultura at mag-negosyo din," said Agriculture Secretary William D. Dar.

Interested millennials may submit their business plans, government issued ID, and a loan application form to a partner lending conduit such as the Land Bank of the Philippines (LANDBANK) and the Development Bank of the Philippines (DBP), cooperative banks, rural banks, cooperatives, and viable non-government organization (NGOs).

KAYA uses the PayMaya platform to digitally disburse loans through reloadable cash cards with real-time crediting system using a web-based portal.

Loan beneficiaries will also have access to other PayMaya financial services such as e-wallet account, remittance, bills payment and fund withdrawal.

"They (young agripreneurs) need not come over to Metro Manila, but simply get their approved KAYA loans from ATM terminals using their KAYA cash card," the DA chief added.

KAYA also provides training and mentoring program through web conferencing.

The department has also teamed up with state universities and colleges, government agencies, and non-government service providers to mentor and assist young entrepreneurs in handling their business.

Under the KAYA loan program, the DA-ACPC offers zero-interest, uncollateralized loans of up to P500,000, payable in five years.

"With this digital platform, we will be able to reach out and convince more Filipino milennials to engage in agriculture, fishery and agribusiness ventures and more importantly, bankroll their respective projects," said Dar.

Interested parties may access the KAYA application form through this link: https://bit.ly/ACPCloans or email acpcinfo@yahoo.com for details. (CPC /PIA-IDPD)

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