Farmers who were affected by Hurricane Dean can access assistance through a special emergency loan fund of $100 million, which has been set up by the DevelopmentBank of Jamaica (DBJ).

The funds will be made available through the 40 branches of the National People's Cooperative Bank islandwide.

Existing loans may be restructured

In addition to this special funding, farmers with existing DBJ funded loans and who have been affected by Hurricane Dean can apply for their loans to be restructured. Applications for restructuring must be submitted via the approved financial institutions, which include the National PC Bank, credit unions, commercial and merchant banks.

Loans under this special funding will attract an interest rate of 7.875 per cent per annum on the reducing balance.

In a release, DBJ managing director, Milverton Reynolds, said the Jamaican agricultural sector was of vital importance to the economy and this was why the deployment of the special loan was being done.