LADA Facilitates US$44K Loans From LEAD for Farmers’ Cooperatives

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Some loan beneficiaries from the Montserrado County cluster

The Liberia Agribusiness Development Activity (LADA) recently facilitated loans worth US$44,000 from Liberia Entrepreneurial Asset Development (LEAD) for six farmer cooperatives in Montserrado County to improve farm productivity.

The six farmers cooperatives are Tononvapolue, Mawah, God’s Grace, Zota Estate, Garden Fish and the Low Cost Village farming clusters. They received loans ranging from US$3,000 to US$10,000.

Access to loans still remains a challenge for smallholder farmers and other agribusinesses in Liberia as they lack collateral to borrow money from commercial banks. Also, most commercial banks charge high interest rates on loans making the loans very difficult for many smallholder farmers.

LADA has partnered with LEAD, a microfinance institution that is being supported by the United States African Development Foundation (USADF) in Liberia to promote access to loans for smallholder farmers.

The farmers cooperatives will use the loan to purchase inputs (fertilizers, improved seeds, pesticide, etc) to improve crop production.

“Without access to finance, farmers will find it difficult to increase production. These farmers cooperatives benefiting from our loan initiative are selected based on their potential in farming. We are hoping to assist many local farmers with loans to improve their various farm projects in the future,” said Allen Gweh, LEAD Executive Director.

The Deputy Chief of Party for Programs at LADA, Watchen Harris Bruce, said: “This is the first group of farmers’ cooperatives in Montserrado County that have benefited from the LADA/LEAD loan initiative. Our institution remains committed to linking more farmers to LEAD for loan opportunity. We are strengthening the capacity of smallholder farmers in the vegetables, rice, cassava, cocoa and aquaculture value chains to improve incomes.”

Alexander Moanah, lead farmer of the Mawah Vegetables Farming Cluster in Mount Barclay, Montserrado County said they are thankful to LADA and LEAD for the loan assistance. “This loan will help us greatly to improve our farm projects. We will work harder to ensure that the loan is paid back on time,” he said.

LADA is a 5-year ‘Feed the Future’ initiative of the U.S Government aimed at increasing the incomes of smallholder farmers through increased private sector investment in the agribusiness sector of Bong, Nimba, Lofa and Montserrado counties.

The Liberia Agribusiness Development Activity (LADA) recently facilitated loans worth US$44,000 from Liberia Entrepreneurial Asset Development (LEAD) for six farmers’ cooperatives in Montserrado County to improve farm productivity.

The six farmers’ cooperatives are Tononvapolue, Mawah, God’s Grace, Zota Estate, Garden Fish and the Low Cost Village farming clusters. They received loan ranging from US$3,000.00 to US$10,000.00.

Access to loan still remains a challenge for smallholder farmers and other agribusinesses in Liberia as they lack collateral to borrow money from commercial banks. Also, most commercial banks charge high interest rates on loan making it very difficult for many smallholder farmers to access.

LADA has partnered with LEAD, a micro finance institution that is being supported by the United States African Development Foundation (USADF) in Liberia to promote access to loan for smallholder farmers.

The farmers’ cooperatives will use the loan to purchase inputs (fertilizers, improved seeds, pesticide, etc) to improve their crops production.

“Without access to finance, farmers will find it difficult to increase production. These farmers’ cooperatives benefiting from our loan initiative are selected based on their potential in farming. We are hoping to assist many local farmers with loans to improve their various farm projects in the future”, said Allen Gweh, LEAD Executive Director.

The Deputy Chief of Party for Programs at LADA, Watchen Harris Bruce said: “This is the first group of farmers’ cooperatives in Montserrado County that have benefitted from the LADA/LEAD loan initiative. Our institution remains committed in linking more farmers to LEAD for loan opportunity. We are strengthening the capacity of smallholder farmers in the vegetables, rice, cassava, cocoa and aquaculture value chains to improve incomes”,

Alexander Moanah, lead farmer of the Mawah Vegetables Farming Cluster in Mount-Barclay, Montserrado County said that they were thankful to LADA and LEAD for the loan assistance. “This loan will help us greatly to improve our farm projects. We will work harder to ensure that the loan is paid back on time”, he said.

LADA is a 5-year Feed the Future initiative of the U.S Government aimed at increasing the incomes of smallholder farmers through increased private sector investment in the agribusiness sector of Bong, Nimba, Lofa and Montserrado Counties.

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