February 4, 2023

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$1m for MSMEs loan package

The government has allocated one million dollars to the Fiji Development Bank for Women Entrepreneurs Loan Package.

Minister for Economy, Aiyaz Sayed-Khaiyum says the Loan Package will target women entrepreneurs with registered businesses for a minimum of six months who require working capital or need to expand their existing business.

The package will allow a minimum loan of $1,000 to a maximum of $5,000 with a loan repayment term of up to three years.

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“It will be available to sole traders, joint ventures, and partnership businesses on its own or those that provide services to other industries. The 10% equity required for loan packages will be provided through this $1 million allocation and will greatly support female entrepreneurs’ access to financing.”

Sayed-Khaiyum says the government will support businesses of all sizes as they remain flexible to develop joint solutions to every serious and unforeseen challenge facing our recovery.

He says the government will steadily introduce other legal and procedural changes to create the most efficient and least bureaucratic environment possible for businesses to thrive.

 

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