Producers exonerated

[NewsWhore]

The administrator of the Banco Agricola (Bagricola), Paino Abreu Collado has announced that 10,000 of its 55,000 clients, who were affected by Tropical Storm Noel, will be exonerated from making interest payments on their loans. Abreu said that the loans add up to RD$370 million. Abreu explains that a six-month moratorium will be placed on the capital payments and interest on the loans. He also announced the creation of the Tropical Storm Noel Recovery Fund to ease the pressures on the producers. Abreu said that the Bank would lend producers RD$1.2 billion, adding that managers and those in charge of Bagricola offices have been instructed to speed up the banking process in order to ensure that producers can get back to work as soon as possible. Also, loans for producers were extended to up to three years. The interest rates will be 6% annually for renewals and 6% annually for refinancing.

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