Builsa Community Bank deepens support for farmers and local businesses
Builsa Community Bank says its tailored loan products are helping farmers, workers and small businesses access finance for production, machinery acquisition and business expansion.
Builsa Community Bank PLC (Buco) says it is positioning itself as a key financial partner for farmers, workers and small businesses by providing loan products designed to meet their specific financial needs.
The bank says its focus is to make access to finance easier for people who may otherwise struggle to obtain funding from conventional commercial banks.
Speaking on the Big Mike Breakfast Show on Wednesday, August 13, Navrongo Branch Manager of Builsa Community Bank PLC (Buco), Adeetuk Macbeth, explained that the institution has developed various loan products to support different categories of customers.
He said the bank’s agricultural loan packages are particularly designed to support farmers with both production and machinery needs.
“Builsa Bank says if you have the land and you are interested in farming, you can come, bring us your budget, your production budget,” he stated.
According to him, the production loan can finance key farming activities including land preparation, seeds and fertilizer, with farmers also benefiting from a six-month grace period before repayment begins.
He explained that the arrangement is intended to allow farmers enough time to harvest and find markets for their produce before starting repayment.
Adeetuk further disclosed that the bank also finances the acquisition of agricultural machinery such as tractors and combine harvesters for farmers operating on a larger scale.
“Within the past three years, we’ve purchased not less than 10 combines and tractors brand new from the factory to farmers,” he mentioned.
He explained that customers who have sufficient collateral can have the machinery registered solely in their names, while those without collateral may have the machine jointly registered in the name of the farmer and the bank until the loan is fully repaid.
Beyond agriculture, Adeetuk said the bank provides salary loans, overdrafts, commercial loans and transportation loans to workers and business operators.
He added that the bank also has microfinance facilities for small-scale traders who may not have conventional collateral.
On interest rates, he disclosed that agricultural production and machinery loans attract a rate of 25 percent, while salary loans for in-house customers and overdrafts attract 22 percent.
Commercial loans attract 24 percent for facilities up to one year and 27 percent for loans above one year on a reducing-balance basis.
Adeetuk urged farmers, workers and business owners in Navrongo and surrounding communities to take advantage of the bank’s products, stressing that the institution was established to provide accessible financial support to people within the community.
“We have everything that you need to actually support your business, to actually let you start small and grow big,” he said.
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