SUNBIZ

Call For Banks To Decrease Interest Rates

Mr Singh urged commercial banks to reconsider interest rates, given the inconvenience of a 12 per cent interest rate for start-up businesses that were in infancy.
06 Oct 2022 14:00
Call For Banks To Decrease Interest Rates
Sitting right: Business Assistance Fiji general manager Ramesh Chand with representatives from service providers to small micro entrepreneurs during their inaugural net- working workshop in Suva on October 5,2022. Photo: Laisa Lui.

Small businesses should be allowed to pay easier interest rates, the Fiji Institute of Chartered Accountants said yesterday, in a call to financial service providers of micro, small, medium entrepreneurs (MSMEs).

Former president and current board member, Pravinesh Singh, made the call at the Business Assistance Fiji inaugural workshop in Suva. The sessions focused on financial and management skills, forecasting skills, and how to prepare a business plan.

“Business Assistance Fiji engages service providers to equip the micro to medium entrepreneurs to access commercial banks for capital,” Mr Singh said.

 

“Any entrepreneur would want to access cheap capital, if the cost of borrowing could be lowered from Fiji Development Bank and the commercial banks.”

Mr Singh urged commercial banks to reconsider interest rates, given the inconvenience of a 12 per cent interest rate for start-up businesses that were in infancy.

“During the COVID-19 pandemic, the Government assisted and availed $200 million through Reserve Bank of Fiji, of which 75 per cent was guaranteed,” he said.

 

“The Government had taken the risk and guaranteed 75 per cent of it.”

BAF general manager, Ramesh Chand, said 35 participants were from the financial, management and accounting sectors, including the Fiji Development Bank.

Business Assistance aims to hold similar sessions in the West and North divisions.

Questions have been sent to association of banks.

 

Story by: Laisa Lui

Feedback: laisa.kabulevu@fijisun.com.fj



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