The Fiji Development Bank is putting a temporary pause on receiving new applications for the COVID-19 Recovery Credit Guarantee Scheme from 4pm on Tuesday to allow the processing of the thousands of applications received in the last 40 days.
Bank CEO, Saud Minam says the move is to allow them to concentrate efforts and resources towards processing of over ten thousand applications received in just over a month.
He says they have already helped thousands of Fijian businesses by approving loans to the value of $40 million under this Scheme since 2nd August.
Minam says the team has been working around the clock and they have processed and disbursed over 40% of the applications so far.
The CEO adds the response from customers to this Scheme has been remarkable, with an average of 300 applications received in a day.
He further says this pause will allow the team to assess the applications that they have already on their system without compromising on decision quality.
The CEO adds the Bank will advise customers once it will start receiving applications again.
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