The Fiji Development Bank since Friday received 99.2 per cent applications online for its COVID-19 Recovery Credit Guarantee Scheme.

The scheme, is a Fijian Government-budget announced recovery scheme for Micro, Small, and Medium Enterprises (MSMEs), as well as large businesses to assist them to meet their financial needs, and recover from economic losses, caused by the COVID-19 pandemic.

FDB had been receiving a number of inquiries for the MSMEs loans after the announcement of the 2021-2022 National Budget in mid July.

Various types of businesses have been enquiring about the scheme with FDB which goes to show that there is a need for such a financial solution in the market.

FDB has recently been working hard on delivering its services digitally.

A Twitter post past Wednesday, FDB announced that customers were able to apply for the COVID-19 Recovery Credit Guarantee Scheme online.

The Fiji Development Bank Twitter said: “Dear Customers- we are so delighted to bring you the #FDBCOVID19RecoveryCreditGuaranteeScheme through a dedicated link on our website – for your #convenience.

“Please click on the link https://fdb.com.fj/covid19recoveryscheme/… and APPLY NOW #MSMEs #TeamFiji #FIB #FijiBudget @SaudMinam.”

FDB chief executive officer Saud Minam’s Twitter past Friday, said: “Week 1 report card 99.2% applications received digitally.

“We are just getting started #Fiji watch the space for more excitement and convenience to #MSME. Thank you @FijianGovt @FijiAG for #Budget2021. @MCTTTFiji @fcef_fiji @fiji_and @FijiBankers @FDB_50 @digital_FIJI.”

Mr Minam highlighted: 

Number of applications received for FDB COVID-19

Recovery Credit Guarantee Scheme 

Received online = 131

Received manually = 1

Number of Applications approved for FDB COVID-19 Recovery Credit Guarantee Scheme 

Approved = 17

Being Assessed = 48

Value of Loan Approved FDB COVID-19 recovery Credit Guarantee Scheme 

Approved = $650k

Being Assess = $2m

Eligibility 

Existing and new Micro, Small, and Medium Enterprises (MSMEs) and large businesses.

Eligibility is determined through business turnover; legitimacy of loan purpose for business recovery, and to meet operational cost; the pre-qualification requirements; more than one entity/business within a Group is eligible to apply; and those start-ups which were non-operational for some time due to the pandemic and now want to apply for funding to operationalise the business.

How to apply

If you are interested, you can apply for this loan safely from the comfort of your own bubble -apply online.Applicants are to submit their loan applications through this portal

Or contact FDB for assistance in applying in person, through appointment, by emailing your loan purpose, business location, and phone contact details to info@fdb.com.fj.

Feedback: maraia.vula@fijisun.com.fj