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Fiji Development Bank’s SME Sustainable Package To Create Jobs

The launch of Fiji Development Bank’s Small Medium Enterprises Sustainability package is expected to contribute to the creation of employment, Board of Directors chairperson, Andre Viljoen, said. He was speaking at the launch of the loan package in Nadi. Fiji Development Bank chief executive officer, Saud Minam said the bank was offering a minimum loan package of $5000 to $50,000.
25 Feb 2022 11:30
Fiji Development Bank’s SME Sustainable Package To Create Jobs
Acting Prime Minister and Attorney-General Aiyaz Sayed-Khaiyum (backrow, third from left) during the launch of Fiji Development Bank’s Small Medium Enterprises Sustainability package in Nadi. Photo: Salote Qalubau

The launch of Fiji Development Bank’s Small Medium Enterprises Sustainability package is expected to contribute to the creation of employment, Board of Directors chairperson, Andre Viljoen, said.

He was speaking at the launch of the loan package in Nadi.

Fiji Development Bank chief executive officer, Saud Minam said the bank was offering a minimum loan package of $5000 to $50,000.

 

“We are pleased to announce that we have waived the loan application fees of $50 for this package,” he said.

“Our customers do not have to worry about paying this fee with their applications.”

“You just have to submit your application and the outcome will be communicated to you via emails.”

 

He said special features of the package catered for businesses, farmers, joint ventures, cooperatives, partnership or companies that were operational for a minimum of two years.

Another condition was that applicants had a turnover of less than $1250,000 annually, Mr Minam said.

“The bank’s core business segments are small and medium enterprises (SMEs) and agriculture,” he said.

 

“Eighty-three per cent of the bank’s customer base is among these two categories; 45 per cent is the SME customer base, while 38 per cent is agriculture,” he said.

Mr Minam said a pre-qualification requirements was the compliance certificate which was provided by Business Assistance Fiji (BAF).

It would take care of the cost of obtaining the compliance certificate ranging from $200 to $500, he said.

 

Acting Prime Minister and Attorney-General Aiyaz Sayed-Khaiyum said the bank was expected to make more progress in the digital space.

A lot more people were connected to the internet now, he said.

Mr Sayed-Khaiyum said the Fijian Government announced the $200 million loan concession facility where applicants paid no more than 3.99 per cent and borrowed 0.25 percent from the Reserve Bank of Fiji.

 

The condition was a two year period within within which the Government would pay the interest.

Repayments were to start in the third year, he said.

“It means there’s no pressure in that you have the micro, small, medium enterprises and large enterprises that could benefit from that too.”

 

“For two years, there’s no actual financial burden on them if they were to be able to access a finance facility,” he said.

“You’ll see a lot of confidence.”

He said the past three to four weeks were spent with a number of investors, some of them who have actually about to commence actual physical construction.”

 

Feedback: salote.qalubau@fijisun.com.fj



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