The Fiji Development Bank’s (FDB) Sugarcane Farmers Special Loan facility will assist farmers expand their businesses. It offers financing solutions targeting the sugar sector.

The loan facility was launched by the Acting Prime Minister and Attorney-General Aiyaz Sayed-Khaiyum at the Drasa Secondary School in Lautoka yesterday.

Mr Sayed-Khaiyum said the Government had been working with the FDB to have targeted loans for sugarcane farmers.

“Now all of these loans, in fact, have been facilitated because Government is also subsidising the interest rate,” he said.

He added the Government would be paying 6 per cent of the interest rate to the bank, therefore, a farmer will only pay 3.99 per cent instead of the usual 9.99 per cent.

“Now in this particular loan package, you get a loan up-to $100,000. There’s various conditions that you have to meet. It depends on your cane production in terms of your lease holdings etc but FDB will be able to give you all the details,” he said.

“We are here to ensure that whatever you decide to do in respect to whether you want to continue sugarcane farming, mixed farming, or whether you want to go to some other product, we’re here to be able to assist you.”

Fiji Development Bank chief executive officer Saud Minam said farmers could begin applying on- line by October 10.

“If you have an application you want to submit, you can submit those applications online. I’m pretty sure that every one of you know by now all the applications at FDB are now coming through online,” he said.

“There is a very simple process going on our website. We’ve got an application form, you can go through it. There are details in terms of step by step actions, which you need to take and in case if you get stuck, you can always call us or send us an email we’ll get back to you”

He said the payment would be made electronically directly into the farmer’s bank account or either through MPaisa or MyCash.

“Not only that, I think the important piece is we will have our existing customers of sugarcane customers who are already banking with Fiji Development Bank, who will go through our internal process of pre-approving those customers,” he said.

He said this meant that existing customers of Fiji Development Bank would have a pre-approved limit available, ultimately simplifying the process for them.

“Our staff will be reaching out to you and letting you know that this is your pre-approval limit of $10,000- $20,000 whatever the approval limits which you have, and if it’s required by you and you want to avail the facility without any further signing of the documentation. The only thing which is required is a new letter of offer, that’s all and you can have the funds available in your account,” he said.

He said for potential customers they would have a slightly different criteria in terms of going through the process however the interest rate would remain at 3.99 per cent with up to $100,000.

FDB Board Chairman Andre Viljoen said it was heartening to see Fiji Development Bank living its objective of improving the socio- economic status of people by developing financial solutions that would benefit every Fijian.

“For this new product, sugarcane farmers’ special loan facility FDB has embarked on a more flexible lending policy, giving new and existing farmers the opportunity to take advantage of affordable borrowing,” he said

“Fiji’s sugar industry supports the livelihoods of thousands of regions and we understand that the timely and easy access to financing we’re giving each to our farmers to boost cane production.”

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