On April 8, the project ‘Promoting Access to Finance and Agricultural Insurance’ (PAFAI), implemented by Business and Finance Consulting and funded by the Swiss Agency for Cooperation and Development, held a conference for 30 female farmers promoting specialized banking products from Terabank and financial literacy training sessions.
Due to the majority of land and property being owned by males in rural Georgia, female farmers face a disadvantage in receiving credits requiring collateral. To address this issue, Terabank is now offering female farmers loans with lower collateral requirements and specialized services, including a flexible seasonal repayment schedule with loan term up to 36 months and without security up to GEL 20,000. Terabank SME bankers and SME analysts are offering clients optimal, profitable banking ways, assisting them in decision-making and giving recommendations as to the priorities profitable for their businesses.
After the presentation and discussion by Terabank and farmers, the PAFAI project provided a financial literacy training on topics such as budgeting, savings, credit history, financial institutions, and interest rates.
The PAFAI project, which has operated for two years, began in April 2015, and will close at the end of April. A specific output of the project includes supporting the upscale of agricultural holdings via increased financial and insurance literacy of farmers.