Farmers and agricultural co-operative societies that are looking to mechanize their farm operations now have a chance to access credit to do so.
This is following the signing of a deal between Co-operative bank of Kenya and CFAO Kenya that will provide finance to purchase tractors, combine harvesters and other farm implements.
Under the deal, Co-op bank will provide up to 80% financing with an option of seasonal payments or over a repayment period of up to 60 months.
The scheme also offers a short term option of up to 50% interest-free financing payable within 12 months.
Beneficiaries will also receive 250 kilograms of crop and soil specific fertilizer from Toyota Tsusho with every purchase of a tractor and accompanying implements.
CFAO Kenya is the authorized distributor of case 1h tractors in Kenya. CFAO’s product range also includes the Baraka fertilizer.