Sunday, October 2

Banco Santander supports the agri-food sector with more than 3,700 million in 2021

Banco Santander has supported the Spanish agri-food sector with more than 3,700 million euros in 2021. The contracting of Harvest Advances, the I + D + I Agro Loan or long-term loans for the transformation of farms to more profitable crops, with a focus on digitization and sustainability, have been some of the most demanded products during the past year. The bank has also supported clients with non-financial products, such as agricultural insurance or agricultural multi-risk.

The agility of the bank when it comes to solving financing proposals, in a year marked by numerous climatic adversities and by the volcano on the island of La Palma, has been decisive for many entrepreneurs to have been able to continue with their activity. The bank enabled lines of financing under preferential conditions and anticipated the compensation of agricultural insurance, so that farmers and ranchers could recover as soon as possible from such a complicated situation.

The financing of 3,700 million represents a increase of more than 3% with respect to the amount that Santander granted in 2020 to the agricultural sector. That year, also, coinciding with the outbreak of the pandemic and the provision of liquidity by companies, the bank’s support to this sector through loans with ICO endorsement was almost 4,000 million euros.

Also noteworthy are the olive grove or harvest campaigns and the subscription to the Digital Field Notebook, a tool that Santander has promoted among its clients, to record all the information of their farms, use of phytosanitary products, type of seeds, head of cattle, agricultural machinery …, for a more sustainable and digital agriculture.

In 2021, the bank has also launched the Agricultural Machinery Renovation Plan to promote the digitization and sustainability of Spanish farmers. In our country, 55% of the machinery is more than 18 years old, and with the new precision vehicles, farmers can reduce CO2 emissions by up to 25% and generate cost savings in farm inputs .

The bank has been supporting the agricultural sector for decades and, during the last crisis, in which its importance as an essential pillar of Spanish society has become clear, the bank has turned to farmers, ranchers, producers, cooperatives or supply companies.

Reference-www.estrategiasdeinversion.com

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