Vanilla farmers get boost

Wednesday November 26, 2014 Written by Release Published in Economy

The Cook Islands Vanilla industry is set to receive a boost with a new scheme and allocation of funding to assist the industry.

Business Trade and Investment Board Chief Executive Officer Terry Rangi said the The Board of the BTIB have recently approved a portion of funds to go towards small soft loans to support the vanilla industry.

The Vanilla Industry Loan Scheme (VANILS) is aimed at individuals who have started their own vanilla farm and have had some experience in harvesting, curing, drying or adding value to this new crop and new industry. 

Recipients of the loan can buy equipment, tools, stock, freight, packaging and marketing costs.

Loans of up to $10,000 will be made available at 5 per cent interest payable over three years.

Only the best proposals will be considered and only those that meet the criteria, he said.

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