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Unbanked smallholder farmers in Philippines are highly dependent on private lenders. The interest rate can reach up to 20% per month. The project aims to bring Cropital, a financial platform for farmers in more areas in the Philippines, enabling more farmers to have access to low cost and sustainable financing. Reaching farmers in rural areas would require resources, and investing in developing digital infrastructure to market and acquire farmers would yield to more farmers having access and less cost to acquire in the long run.
Cropital is a peer to peer lending platform enabling unbanked smallholder farmers have access to lender online , with loan product designed to improve the lives of the farmer. The loan is as accessible as their current sources of capital with terms that are competitive and comparative to established financial institutions requiring a long list of requirements. Cropital also provides support services and monitoring to aid in ensuring farming success and increase in profitability.