How and Where to Get Funds for Farming

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There is no way where an individual can start a business without fund and money. Capital is a vital ingredient for the establishment of business. This is because presence of capital in a business facilitates the growth of a business. Therefore, a business cannot survive without money or capital.
Farming is a business that needs little funding, not much. Unlike other businesses that need large investment and capital, farming as well as other parts of agriculture do not need much money or capital. But the problem is where can an individual get this little capital that is needed for the establishment of a farm?
We will take Africa as a case study. In Nigeria, an intending farmer can apply for loan from commercial banks, community banks, agricultural banks, government agencies, world agencies and wealthy individuals. The benefit of one moving into agriculture is that one is open to many low interest loans. One can get a loan with 10% interest rate.
Steps to Securing a Business Loan for Farming
1.      Have a business idea, nurture it and believe in it.
2.      Construct a professional business proposal.
3.      Inform people of your business plan. From your family members who might care to concerned friends. One of these people might be connected to a financer.
4.      Seek for sponsorship and loan. Start from wealth family members, then to church members, community members and close friends. One of these people might be willing to offer you a loan.
5.      Join business and agricultural organizations. These organizations might offer low interest loans, and will surely offer loan to you.
6.      If all these do not work out, seek agricultural banks and community banks and government agencies that offer low interest loans to intending farmers. If you find any, grab the offer.
7.      It is also important that ones believe in his proposal and should have the knowledge of how to present it to people who are ready to finance the proposal. Present the gains more to the financer than the likely loss.
In Nigeria, there is the Nigerian Agricultural Cooperative and Rural Development Bank (NACRDB) Loan Scheme which is an avenue where individuals can seek low interest loan for agricultural related business. Nigerians can seek a loan as much as 1 million naira with no collateral and no guarantor.  Even capital as large as 10 million naira can be loaned, but the intending borrower has to provide collateral for the loan. This scheme demands that one has to be a member of the scheme to qualify for the scheme.
There are other schemes like the one Bill Gates is funding and the one of African Development Bank. These loan schemes offer loan to intending farmers and established farmers at a low interest.
Chinwe O'Brien is a writer and a blogger. He is currently doing a degree program in English and Literature. He blogs at http://www.bettertim.blogspot.com He wishes to make the world a better place for all.

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