The Fiji Development Bank has disbursed nearly $60 million to a record number of businesses affected by COVID-19 under the COVID-19 Recovery Credit Guarantee Scheme.
$28 million was disbursed to restaurants, hotels, retail and wholesale businesses.
In the 2021-2022 National Budget, the Government made available $200 million for this scheme and it allowed all banks with the opportunity to assist businesses impacted by COVID.
Fiji Development Bank CEO Saud Minam says when they paused their application process on the 14th of September, 2021 they were receiving about 500 applications a day.
He says from the 2nd of August to 14th September 2021, they had received more than 14,500 applications.
Minam adds the COVID-19 Recovery Credit Guarantee Facility attracted customers from different sectors.
He further says the demand for this facility was equal across the country and they received applications all the way from Nadi to Nausori and Suva to Savusavu including Levuka.
Minam adds their online application portal reduced the geographical barrier of accessing funds under this scheme.
The highest number of applications were received from the Western Division.
