The Fiji Development Bank’s (FDB) Small and Medium Enterprises (SME) Sustainability Package has become a popular facility for existing SMEs aiming to expand, refurbish and maintain their businesses.
In less than 20 days, FDB has received over 200 applications under this facility with a total amount of approximately F$6.5 million. Our team is processing these applications and the Bank is happy to share that we have started to disburse the approved amounts.
FDB Chief Executive Officer, Mr. Saud Minam said the Bank is delighted to provide timely assistance to the sector that employs about 60 percent of the country’s labor force.
Mr. Minam emphasized that the development bank understands the fundamental contributions of SMEs in the economic recovery post-pandemic and the need to provide viable financial solutions for these businesses to flourish.
“The number of applications received in such a short time indicates that the SMEs need our assistance to sustain and even further grow their ventures.”
“We have witnessed the resilience of these businesses even at the peak of the pandemic. Therefore, as a dynamic financial solution institution, we designed this facility to provide an exciting opportunity to SMEs to strengthen and broaden their services – take their business operations to the next level.”
The Interest Rate of five percent is a notable feature of this facility.
“With such a low Interest Rate, the Bank is looking to assist small businesses in reducing the cost of debt and allowing them to invest in expansion and new assets that will help increase production and provide stability. Such investments are mechanisms that contribute towards the sustainability of small businesses,” said the CEO.
FDB is offering a minimum of $5000 to a maximum loan of $50,000 with a term of 5 years under this facility.
Any Businesses/Farmer(s)/ Joint Venture/ Cooperative, Partnership and Company that has a total turnover of less than $1,250,000 annually and has been in operation for a minimum of 2 years are eligible for this loan facility.
The loan application fee of $50 has been waived for this package. Customers do not need to worry about paying any fee with their applications.