FDB launches loan package for small and medium enterprises

There is some good news for small and medium enterprises as the Fiji Development Bank has today launched a sustainability loan package designed to expand, refurbish and maintain existing SMEs.

Any business, farmer, joint venture, cooperative, partnership and company who has a total turnover of less than $1.25 million annually and has been in operation for a minimum of 2 years are eligible for this loan facility.

FDB’s CEO Saud Minam says they have waived the loan application fees of $50 for this package.

Minam says under this facility, the bank is offering a minimum of $5,000 to a maximum loan of $50,000 with a term of 5 years and at an interest rate of 5 percent.

He says these special features of this loan package will assist the operating SMEs to sustain or further develop their business.

Minam adds small and medium enterprises form an important component of Fiji’s economy and their growth is essential for job creation, income generation, poverty alleviation, rural development, and the empowerment of youth and women, especially now when the economy is recovering from the impacts of the pandemic.

He says FDB’s core business segments are small and medium enterprises and agriculture.

According to Minam, Business Assistance Fiji is the supporting partner under this facility who will be providing the compliance certificate for loans for free.

All applications for this facility has to be completed digitally through the FDB online application portal on their website, www.fdb.com.fj.

Meanwhile, Acting Prime Minister and Minister for Economy, Aiyaz Sayed-Khaiyum who officially launched the package today says the FDB is the largest lender under the concessional loan facility and on top of that, the bank has now started this new initiative which not only will provide access to funds but also build confidence.

Sayed-Khaiyum says the are seeing now a number of investors are about to begin construction works and some are in the process finalizing their ability to start construction.