Planning an agribusiness? The DA wants to fund your business ideas

You’re never too young to start a business, more so venture into agriculture. The Department of Agriculture’s (DA) Kapital Access for Young Agripreneurs (KAYA) financing program will now provide loans to young Filipinos who want to start their own agribusiness projects. Under the KAYA loan program, the beneficiaries will receive zero-interest, uncollateralized loans of up to P500,000 payable in five years. Eligible young agripreneurs should be 18 to 30 years old and graduates of formal or non-formal schooling. 

“With this digital platform, we will be able to reach out and convince more Filipino millennials to engage in agriculture, fishery and agribusiness ventures, and more importantly bankroll their respective projects. They need not come over to Metro Manila, but simply get their approved KAYA loan from ATM terminals using their KAYA cash card,” says DA Secretary William Dar.

According to DA-Agricultural Credit Policy Council (DA-ACPC) executive director Jocelyn Badiola, KAYA is their first digitized financing program. The training and mentoring component of the program is done through web conferencing while disbursements and collections take place on the platform PayMaya. The Agriculture Department understands that there is a need to further explore cyberspace and make constant improvements in digitization of initiatives during this crisis.

“PayMaya will allow ACPC’s KAYA partner lending conduits (PLCs) to digitally disburse loans through reloadable cash cards with real-time crediting using a web-based portal. Through the KAYA cash card, loan beneficiaries will also have access to other PayMaya financial services such as e-wallet account, remittance, bills payment and fund withdrawal,” the DA official website says.

During the KAYA card launch teleconference, five proponents of the program were present. Their agribusiness ventures will be on the production of ducks, mushrooms, high-value vegetables through hydroponics, and chili in garlic oil. For Badiola, recognizing digital financing as the way forward will be the means to provide farmers and fisherfolks easy, timely and affordable credit.

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