Senwes Credit
Senwes Credit offers clients market-directed services, a quick credit selection process and marketing support through personal visits to clients. These qualities do not just place Senwes Credit Extension in a class of its own, but is the reason why our clients are so satisfied. Senwes Credit offers producers market-related financing options in support of the Senwes Village and Grainlink divisions.
The following products are available to address the particular needs of each client.
PRODUCTS
1. MONTHLY ACCOUNT 89/90
Type of purchases / Financing / Service
A wide variety of items can be bought on your monthly account at Senwes Villages.
Payment conditions
Account balances are payable on a monthly basis – on the last working day of the month following the sale.
Advantages
This product offers a range of advantages such as sales discounts on certain products and credit that is interest free up until the payment due date.
2. CROP PRODUCTION ACCOUNT (SUMMER AND/OR WINTER)
Type of purchases / Financing / Service
Senwes Credit offers financing for the purchasing of all input products and services that are necessary for the production of summer and/or winter crops.
Payment conditions
Outstanding accounts have to be settled as the harvest comes in and is marketed – but no later than 31 August (summer crop) and 31 January (winter crop) of the specific harvest year.
Security required
Normal security requirements are applicable depending on each client’s financial position, repayment capabilities and grading according to risk.
Other conditions
- The bulk of your input products and services should be purchased from Senwes Village’s network.
3. CONTRACT INSURANCE PLAN (CIP)
Type of purchases / Financing / Service
Senwes Credit offers financing for the purchasing of all input products and services that are necessary for the production of summer and/or winter crops.
Payment conditions
Outstanding accounts have to be settled as the harvest comes in and is marketed – but no later than 31 August (summer crop) and 31 January (winter crop) of the specific harvest year.
Other conditions
- The bulk of your input products and services should be purchased from Senwes Village’s network.
- Comprehensive harvest insurance, according to each client’s long term average produced yield, has to be
taken out.
4. ANIMAL PRODUCTION ACCOUNT
Type of purchases / Financing / Service
Certain production means that are used in the production of red meat and wool related products can be financed by Senwes Credit.
Payment conditions
The account should be settled no later than 31 May.
5. INSURANCE ACCOUNT
Type of purchases / Financing / Service
Financing is available for premiums for all types of insurance that has been taken out with Senwes’s subsidiary, Univision.
6. GRAIN FINANCING ACCOUNT
Type of purchases / Financing / Service
This account entails the creation of cash against grain in storage to relieve the financial burden of production or other debt, as well as to improve the client’s cash flow position.
Payment conditions
A maximum repayment period of six months is allowed, but Senwes retains the right to demand payment at any stage.
7. GRAIN HEDGING ACCOUNT
Type of purchases / Financing / Service
The aim of this account is to finance grain instruments.
Other conditions
- Options follow a pre-approved strategy.
- Speculation is limited to R300 000.
- This facility is reviewed annually.
8. MEDIUM TERM LOAN
Type of purchases / Financing / Service
This product offers the client the opportunity to consolidate his/her debt (banks, Land Bank, Senwes) and/or to buy productive agricultural property.
Payment conditions
Instalments can be made with a monthly, quarterly or annual frequency. The repayment schedule for the loan can be structured over a maximum period of ten years.
Security required
A first coverage mortgage on property with a productive value, that is equal to the amount of the required loan, is required as security.
A personal contribution of 30% is required as deposit for the financing of the purchase of agricultural property. Alternatively an existing mortgage that is registered in the name of the applicant can be put up as additional security.
Other conditions
- This product is only available to clients who make use of Senwes’s production credit facility.
9. LIVESTOCK ACCOUNT
Type of purchases / Financing / Service
This product offers financing solutions for the purchase of livestock for breeding purposes.
Payment conditions
Instalments can be made with a monthly, quarterly or annual frequency. The repayment schedule for the loan can be structured over a maximum period of three years.
Security required
A first coverage mortgage on property with a productive value, that is equal to the amount of the required loan, is required as security.
A personal contribution to the amount of 30% of the purchase price of the property is required.
10. GRAZING ACCOUNT
Type of purchases / Financing / Service
Account facilities are available to finance activities relating to the planting and fertilisation of grazing.
Payment conditions
Instalments can be made with a monthly, quarterly or annual frequency. The repayment schedule for the loan can be structured over a maximum period of three years.
Security required
A first coverage mortgage on property with a productive value, that is equal to the amount of the required loan, is required as security.
11. MEDIUM TERM LOAN RELATING TO PRECISION FARMING
Type of purchases / Financing / Service
Purchases of capital equipment are financed.
Payment conditions
Instalments can be made with a monthly, quarterly, semi-annual and annual frequency. The repayment schedule for the loan can be structured over a maximum period of three years.
Security required
A first coverage mortgage on property with a productive value, that is equal to the amount of the required loan, is required as security.
A personal contribution to the amount of 25% of the purchase price of the property is required.
Other conditions
- Equipment needs to be bought through Senwes.
- The Precision Farming division of Senwes needs to suggest the transaction.
12. LIME ACCOUNT
Type of purchases / Financing / Service
Account facilities are offered for the financing of lime purchases.
Payment conditions
Outstanding balances are payable in two yearly instalments on 31 August (summer crops) and/or 31 January (winter crops).
Other conditions
-This account is only for clients who are making use of Senwes’s production credit
facilities.
- Senwes Agricultural Services have to approve the liming activities.
- Purchases need to be done through Senwes Village.
13. SENWES ASSET FINANCING: A DIVISION OF WESBANK
Type of purchases / Financing / Service
Any vehicles, equipment or implements such as cars, bakkies, trucks, tractors, combines, centre pivot sprayers etc. that have been purchased from an approved dealer can be financed by Senwes Credit.
14. OPERATIONAL CAPITAL DEPOSIT ACCOUNT
Type of purchases / Financing / Service
Purchases that are made against a cash deposit qualify for discounts.