Farmers who face difficulties in purchasing the necessary farming equipment now have more opportunities to access funds with the help of Fiji Development Banks’s small micro-enterprise business grants.
The Chief Executive Office of FDB Mark Clough says that this initiative would strengthen the linkage between small micro-business enterprises and remote rural highland agricultural producers.
Clough says that the grants are given on evidence basis where the farmers give documents regarding their need for this grant adding that FDB will provide a financial solution consisting a loan sum meeting half of the total cost of the planned investment and the maximum grant given is $50,000 dollars however a loan funding up to $100,000 is given within a breakdown of 25 percent.
Clough adds that the possible uses of the investment capital raised might include a vehicle to enable the SME to access remote farming areas, other infrastructure to promote improved market-oriented production, working capital or input support for a contract farming venture.
The Permanent Secretary for Agriculture, David Kolitagane says that this funds will provide assistance for farmers, protect their livelihood and contribute to the industry of agriculture.
The Fiji Development Bank and the Ministry of Agriculture, through its Fiji Agricultural Partnership Projects funded by the International Fund for Agriculture Development, today signed a Memorandum of Understanding on a matching grant support scheme for small micro-business enterprises to promote market oriented agricultural production by farmers in remote rural areas.
Clough says that this scheme would provide incentives to existing agribusiness enterprises that are prepared to invest in expanding businesses with small-scale factors.
The Agriculture Ministry will be advertising to small business enterprises to apply for the scheme in due course.
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