Piraeus Bank has introduced a new product – lending to agricultural enterprises using agrarian receipts, which provides for simplified access of small and medium-sized agricultural enterprises to financial resources against the pledged future agricultural crop.
The agrarian receipt extends the funding cycle and is a safe instrument, while the land does not act as a pledged property. Furthermore, the relationship between the customer and the bank is transparent, and the procedure of registration is as cheap as possible compared to traditional lending instruments.
Under the terms of Piraeus Bank, the amount under such a loan is from UAH 1 to 5 mln with the term of lending up to one year, the decision-making takes 5 days.
“Agrarian receipts will contribute to the fulfilment of the potential of the agricultural sector in Ukraine. Piraeus Bank joined the International Finance Corporation (IFC) project last year to promote the implementation of this instrument in the Ukrainian market. In addition to the obvious advantages, there is another valuable benefit - the register of agrarian receipts, which in its own way, can serve as a credit history of agricultural enterprises, because it contains all the necessary information about the borrower. Therefore, taking into consideration the above, we very much hope that due to agrarian receipts, the production of agricultural products in Ukraine will double or triple,” commented the CEO of Piraeus Bank Serhii Naumov.
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