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Favorable loan for farmers from Vojvodina

Banca Intesa and the Guarantee Fund of AP Vojvodina signed today an agreement on business cooperation to provide registered farming households on the territory of Vojvodina with favourable lending for purchasing agricultural land with the aim of expanding their estate.

Banca Intesa will be providing loans in the maximum amount of 100,000 euros with an 8-year repayment period to agricultural producers who are selected through a competition of the Fund for the approval of guarantees for securing long-term loans for buying farming land. The loans will come with a nominal interest of 6.75 percent plus 6M Euribor.

“Bearing in mind that agriculture is the strategic developmental chance of our country with a great potential for stimulating economic growth, Banca Intesa has a long-term commitment to strengthening agribusiness by providing active financial support for clients and constantly improving its offer. We believe that this cooperation model will also contribute significantly to the increase of agricultural production and consequently to the successful recovery of the overall economy,” Predrag Milenovic, Head of the Small Business Department said.

The competition of the Guarantee Fund of AP Vojvodina is open for owners of registered agricultural households with less than 50 hectares of land in ownership, and it allows them to buy new lots within one year from the loan approval date.