Seifac loan is available to farmers and it’s known as Smallholder Economic Interest Farmers Agricultural Cooperative or SEIFAC loan.
By the details, we received directly via the Federal Government SEIFAC Loan update status The SEIFAC loan that had been for a long time delayed will be due.
Everyone has been concerned about the date when their loan payment will be due in order they can put it to use This article will provide information on the next step of the loan procedure.
According to officials of the Federal Government, the SEIFAC Loan distribution will start within three weeks, so SEIFAC Loan will be disbursed in 3 weeks. SEIFAC Loan will be disbursed to successful applicants shortly.
Table of Contents
What exactly is a SEIFAC loan?
SEIFAC is one of the Anchor Borrowers Programme (ABP) implemented through the Central Bank of Nigeria in an attempt to assist local farmers with money to help boost the local production of the products consumers consume. In some of the publications we have, we highlighted the main conditions to be met to enroll in the program of anchors.
To avoid any technicalities, SEIFAC is a cooperative of Smallholder Farmers by Smallholder Farmers for small-scale farmers. This means you can form an association with yourself if you are a smallholder farmer within your area.
Here is the point where it gets very fascinating…
Usually, farmers are prepared for the rainy seasons ahead of the plantation. A few of the things that farmers carry out before the rainy season begins to include:
- Clearing farmland
- Inputs purchased and the purchase of farming tools
- Discussion with laborer (for larger scale)
- Irrigation preparation etc
That’s the reason SEIFAC has begun data collection in advance of the 2021/22 Dry Cropping Season.
Formation:
Smallholder farmers will be able to farm within Agricultural Production Clusters (Agro-PCs) so that their issues can be effectively addressed. This is why Agro-PCs are so important.
The crops that have been targeted for the 2020/2021 season
The concept behind the program is to help farmers capitalize on their cost advantage.
Accordingly, the crops that are targeted comprise:
- Cassava,
- Yam,
- Rice Maize,
- Sesame,
- Groundnuts,
- Soybean
- Bambaranuts,
- Sorghum
How To Become a Member Of the Seifac/CBN Project
If you’re interested in joining, it is open to those who meet the following criteria:
- Agricultural Producer Cooperative Societies
- Individual Smallholder Farmers
- Primary Agricultural Cooperative Societies
- Community Development Associations
- Federal, State, and Local Governments
- Public Financing Institutions
- Cooperative society
Why farmers should enroll in this CBN-Seifac agricultural funding?
If you’ve had the pleasure of a loan from the government before there’s a new opportunity for you.
The project is designed to help Smallholder Farmers who have experienced hardship and do not have the resources to increase their agricultural production.
So, here are five compelling reasons to consider applying for specific loans or any other credit facility offered by the government.
- The project aims at solving the problems confronted by smallholder farmers across Nigeria.
2.) It also allows connecting farmers under one roof with the same purpose…farming
3.) The project is organized in a manner that it is easy to purchase back members’ farms’ produce to process. This will help to reduce the glut of the harvest season.
4.) Additionally, you will be able to access high-quality fertilizers at the correct timing
5) It also serves as a way to increase your manufacturing capacity since mechanization equipment will come to the forefront.
What is the amount I can get through the SEIFAC loan?
In addition to other opportunities, you could get funding of up to N5,000 to grow your agri-food products.
How To Obtain SEIFAC Registration Form
Information we obtained from Abuja states that “Project account opening has been postponed to February 2021” But this shouldn’t stop you from knowing the details you have to do to sign up to be eligible for this offer.
Registration is online and the great thing about it is that it’s free! Follow the step-by-step instructions below to set up a SEIFAC profile:
Step 1. Go straight to seifac.org
Step 2. Select the register button as an individual member. Please note that you must be 18 years old or over
Step 3. Check your email for confirmation of your email
4. 4. Login into the SEIFAC Profile and fill out an application for the SEIFAC/CBN ABP to be used for 2021/2022’s Wet Cropping Season.
Make sure to pick the crop you prefer.
step 5 A message you will receive to you to establish an account for your project through SEIFAC Project official bankers
Beginning on the 1st of February, 2021, upload your Project Account and BVN to your profile will start.
The expected date is February 28, 2021.
Why are you wasting time for?
Visit the SEIFAC portal to start the application process.
