Most farmers in Punakha have requested that the government continue providing Economic Stimulus Programme (ESP) loans for agricultural purposes. They said they missed the opportunity to apply during the first window period that aimed at boosting agriculture-related businesses, largely due to a lack of clear awareness about the programme.
The Punakha Dzongkhag Tshogdu Chairperson, along with the Bhutan Development Bank, is carrying out the sensitisation and awareness program in the district.
“I am meeting the public to understand how the ESP loan is benefiting them, to identify if there are any challenges in getting the loan, and to explore possible solutions,” said Sonam Dorji, DT Chairperson, Punakha.
Farmers said they are missing the opportunity to apply for loans due to a lack of awareness programmes. Some suggested approving loans for house renovation and extension purposes.
“I was never aware of this loan until now. But when I found out today, they said the opportunity had already ended. Of course, there is the Second Window loan, which is also about to close. I heard that this loan could also help people build new houses or renovate existing ones. For me, I require repairing my house,” said Dema, Gumkarmo Chiwog, Lingmukha, Punakha.
“My earlier house was destroyed in a fire accident, and I have not been able to rebuild it due to financial hardship. Since I do not have any other source of income or a job, I have had no means to reconstruct my house and have been facing many difficulties. But I heard that we will be given a loan opportunity hereafter, so I am planning to make use of it,” said Namgay Wangmo, Gumkarmo Chiwog, Lingmukha, Punakha.
Bhutan Development Bank in Punakha received more than two hundred applications last year.
“The reasons for rejecting the 77 applications were, firstly, the applicants’ previous records of loan repayment defaults; secondly, the failure to submit the required documents; and thirdly, the intention to use the loan for purposes other than those stated. For instance, Mr Dorji had applied for a loan to purchase a power tiller, but during verification, it was found that he did not intend to use the money for that purpose,” said Chencho Pem, Sr. Branch Manager, Bhutan Development Bank Limited, Punakha.
“There is a plan to provide loans for new house construction in the next window period. People from Punakha say that such loans are necessary for both new house construction and the extension or renovation of existing houses,” said Sonam Dorji, DT Chairperson, Punakha.
The chairperson said he will submit the recommendations to the Prime Minister after discussing with the dzongda.
Changa Dorji, Punakha
Edited by Tandin Phuntsho
