The Fiji Development Bank (FDB) has developed a new flexible loan facility, making borrowing affordable for both new and existing sugarcane farmers.
FDB’s Sugarcane Farmers Special Loan Facility was launched by the Attorney-General and Minister for Economy Hon. Aiyaz Sayed-Khaiyum at Drasa Secondary School yesterday.
While officiating at the launch, Hon. Sayed-Khaiyum acknowledged the Bank for working closely with the government to initiate loan facilities for different sectors of the economy.
“We have been working with FDB in recent times to have targeted loans. We launched targeted loans for women entrepreneurs sometime back. Before that, we had a product launch for ginger farmers in Lomaivuna in Naitasiri. We are now targeting loans for sugarcane farming – these loans are specifically tailored to assist those targeted group of farmers.”
“For this loan package, the interest rate is 3.99% but the actual interest rate is 9.99% – you don’t pay the 9.99%, you pay 3.99% and the government pays the 6% pay to FDB,” he added.
FDB CEO Mr. Saud Minam emphasized that as per the mandate, the development bank will continue to grow its business in the two segments – agriculture and SMEs.
Mr. Minam said the new special package for the sugarcane farmers has a special feature for existing sugarcane farmer customers of FDB.
“The product focuses on providing additional loan facility including loan top-up for our existing sugarcane farming customers and loan facility for new sugarcane farmers – including those wanting to venture into sugarcane farming – start-ups and are sugarcane farmers but not FDB customers.”
“For our existing customers, we have a preapproved loan amount for you. FDB will reach out to these customers and communicate to them their eligible amounts and the interested customers can then proceed further with the applications.”
He also highlighted that there are six categories that define the loan purpose and these can be accessed via the website https://www.fdb.com.fj/sugarcaneloanfacility/
Applications for the new Sugarcane Farmers Special Loan Facility will open from Monday, 10th October 2022.