OTP Bank has started financing farmers for the purchase of drones
At the height of the agricultural season, OTP Bank is expanding its offer to agricultural producers, namely, as part of a joint program with UKRAVIT, it began providing financing to Ukrainian farmers for the purchase of drones that allow them to spray fertilizers and substances for plant protection from air. This method of plant treatment is more modern than with the help of trailed or self-propelled sprayers, which cause mechanical damage to plants, require fuel and cannot work on wet soil.
This offer of OTP Bank has already been used by three farms, which received funds for the purchase of four drones for a total of UAH 2.56 million.
"We are constantly working on a product line for agricultural producers, as the agricultural sector is one of the priorities for both the Ukrainian economy and OTP Bank," said Ivan Yerko, head of OTP Agro Factory. "The advantage of the new offer is that farmers don’t need to issue drones as collateral and insure them, financing is provided on the security of agricultural receipts, and in the amount of up to UAH 3 million – without collateral at all."
Among the basic requirements for borrowers – doing business in the agricultural sector for more than three seasons and a land bank of 400 hectares. The amount of funding provided can range from UAH 2 to 15 million.
As CFO "UKRAVIT" Alexander Ilyin noted, "modern production requires more and more new resources. And our common task with partners is to provide farmers with local and comfortable conditions for their purchase. We try to maximize the range of products and services that our customers may need for efficient management and consistently high profits".
OTP Bank is a partner bank of UKRAVIT Corporation, and within the joint program UKRAVIT Finance provides loans to farmers for the purchase of microfertilizers, seeds, plant protection products and drones.
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Public Joint Stock Company OTP Bank is a subsidiary of OTP Bank, which is the largest independent Central-Eastern-European banking group. JSC OTP Bank is one of the largest domestic banks, a recognized leader in the financial sector of Ukraine. The Bank provides a full range of financial services to corporate and private customers, as well as to small and medium enterprises. The bank entered the Ukrainian market in 1998, and since then it enjoys a staunch reputation of socially responsible, reliable and stable institution providing its consumers with services of European quality standard.
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