Minister for Economy and Attorney-General Aiyaz Sayed-Khaiyum says the government will pay 60% on the outstanding defaulted Small Micro-Enterprise loans with up to a limit of $60,000.
While announcing the concessional loans for Micro, Small and Medium Enterprises, Sayed-Khaiyum says the MSME Credit Guarantee Scheme that the government had set-up in 2012 with the Reserve Bank of Fiji to assist businesses access finance from financial institutions will be increased from the 50% previously stated to 60%.
He says as of March this year, 1,111 small businesses with over $104.6 million in outstanding loans was covered under this scheme.
He adds the interest rate charged was at 10% per annum.
The Attorney General says this scheme will enable financial institutions such as banks to feel comfortable in lending money to small businesses.
Stay tuned for the latest news on our radio stations
