Small and medium enterprises in Fiji can now get loans of up to $200,000 per customer as HFC Bank has partnered with Business Link Pacific under the DT Global New Zealand Limited.
This is sponsored by the New Zealand Government’s Ministry of Foreign Affairs and Trade.
HFC Bank says this partnership includes a 50 percent underwriting guarantee from BLP against potential bad debts.
They say in response to market needs, the product offering has been refined to increase the SME loan limit from $50,000 to $200,000 per customer.
The Bank says in recognizing the challenges SMEs face in providing equity, BLP will contribute up to $20,000 as equity per customer.
They say since the inception of this partnership, they have extended up to $1.1 million in loans to the SME sector, demonstrating a steadfast commitment to enhancing access to finance for small businesses.
The Bank says the introduction of the supplementary Loan Equity Guarantee further strengthens this initiative, with BLP providing supplementary loan equity shortfalls up to $20,000, ensuring the minimum equity requirement of 10 percent for SME loans is met.
Deputy Prime Minister, Manoa Kamikamica has praised HFC Bank for its innovative approach and genuine commitment to supporting SMEs.
He says this as the first private sector partnership with BLP, highlighting it as a model for real support to Fijian SMEs.
Kamikamica says this initiative sits well in terms of the Government ambitions to develop a comprehensive MSME ecosystem in Fiji and push the share of GDP to 30 percent in the next 10 years.
HFC Bank CEO, Rakesh Ram has expressed his gratitude towards BLP for their unwavering support.
He says this shows HFC Bank’s dedication to offering convenient and reliable banking services that contribute to the prosperity of the Fijian people.
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