$21 million in loans have been approved by FDB for 1,100 applicants

The Fiji Development Bank has so far received more than 3,000 applications under the COVID-19 Recovery Credit Guarantee Scheme whereby 1,100 applications have been approved valued at $21 million.

This has been highlighted by CEO Saud Minam during the announcement of the loan disbursement through M-PAiSA.

He says they can disperse the loans of up to $5000 under the scheme through M-PAiSA and customers can take loans of up to $10,000 to $100,000. Minister for Economy, Aiyaz Sayed-Khaiyum says businesses will not have to pay any interest for the first two years because Government is paying the interest on their behalf to the financial institutions.

He says this gives the farmer, the small storekeeper, the person who is engaging in some micro-enterprise to be able to focus on the business, grow their business, retain some or all of the staff they have, and ensure that they get the profits and are able to sustain the business for those two years.

He says those who do not have access to bank accounts will be able to access these funds immediately.