The Tribune

The owner of Premium Farm Bahamas has become the first successful applicant to receive a micro-loan facility offered by the Bahamas Development Bank (BDB).

Licensed farmer, Dave Munroe, is the first to access the fund, which is operated in conjunction with the Bahamas Agriculture and Marine Science Institute (BAMSI).

It allows Bahamian farmers access to $10,000 for farm upgrades and agricultural improvements. Launched in 2016 in an effort to bolster the agriculture industry, the facility supports smaller farmers who need capital to expand and upgrade their business.

Membership in BAMSI's Associated Farmers' Programme (AFP) is required for BDB micro loan applicants. The programme provides technical support, advice and training by bringing in agricultural experts from across the Caribbean for short courses and tutorials.

Through the AFP, farmers receive information on technologies and best practices. They also receive assistance as they move through the loan application process.

A banker by profession, Mr Munroe said: "My aim is to bring a business mindset and management skills to the forefront to develop a number one farm, where I will be able to supply produce to the various grocery chains throughout the Bahamas and, [in future], I'd like to supply outside the country."

Premium Farm Bahamas, located in north Andros, produces crops such as cucumbers, red bell peppers, squash and zucchini. However, it requires upgrades to maximise its potential.

While Mr Munroe wants to build housing staff, the loan funds will bring electricity to the property and purchase equipment and supplies in connection with preparing the fields for planting.

"My philosophy in regards to this farm reflects that of BAMSI's ; reducing food dependency and enhancing agricultural capacity throughout the country," he said.

Mr Munroe praised BAMSI's agricultural officer, Zakita Bethel, who has oversight of the AFP in Andros, with making the process - both becoming an AFP member and completing the loan application process - a smooth one.

"As a member, BAMSI assists with giving various seedlings and technical assistance. They also assist with marketing and selling of the items," Mr Munroe said. "This [loan] process will add value to the whole system. If [BAMSI] is able to market, sell and provide technical assistance, it will give me time to focus specifically on the farm itself from the production side."

Describing the micro-loan facility as an opportunity for persons who need start-up capital, Mr Munroe added: "With BAMSI bringing on technical assistance, marketing and selling the produce, and providing the farmer with guidance - all of this is a great help to persons who don't have the finances to move their farm forward."

Apart from a business plan, loan applicants need to meet three other requirements: Be a licensed farmer, hold a VAT registration number, and be a member of the AFP.