Chain stores and Bank work together for transformation

bank

Emerging farmers’ access to financing should be combined with technical support, said the executive head of the Land Bank.

Mr TP Nchocho, with the undersigning of a memorandum of an agreement (MoU) between the bank and Pick ’n Pay, said access to finances cannot solely be the main catalyst for emerging Black farmers and agriculture enterprises.

“The enterprises need mentorships and the transfer of skills from established role players and opportunities for access to markets or prior agreements between producers and buyers.”

This agreement, including the bank, is the first of its kind.

In a statement, the institution said that Pick ’n Pay assisted a group of small and medium sized black enterprises and suppliers through its program to access the retail market.

The chain-store wants to assist the enterprises to develop into complete commercial enterprises so that they can make provision for the increasingly growing consumer demand and adhere to the strict quality requirements of Pick ’n Pay.

The agreement between two parties will unlock financial opportunities for emerging farmers, while Pick ’n Pay will serve as a mentor for emerging farmers through its development program.

Through this, farmers will gain suppliers, business development – and training in food technology and eventually gain access to the market.

Suzaan Ackerman-Berkman, transformation director at Pick ’n Pay said that with the banks’ knowledge in the agriculture sector coupled with the chain-stores knowledge of retail, more black enterprises will be able to use this to their advantage and the two parties will be able to contribute to transformation in the sector.

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