Eligible businesses falling under the Micro, Small and Medium Enterprises (MSME) category will be able to take advantage of a concessional loan funding support provided by the Government to assist them with immediate working capital needs, expansion of existing operations and diversification into new business activities from next week Monday, 8 June.
This follows the signing of a “Memorandum of Agreement” by the Attorney-General and Minister for Economy Hon. Aiyaz Sayed-Khaiyum with the Fiji Institute of Accountants, Fiji Commerce and Employers Federation, Fiji Chamber of Commerce and Industry and Women in Business for the assessment, verification and approval of MSME loan applications.
In thanking the stakeholders, the A-G said: “the COVID-19 pandemic has rolled out, what we call, a huge left-sider to all of us and globally speaking no economy in the world is immune from the effects of COVID-19 and no-one in fact expected it to come around in this manner”.
“We will give out concessional loan financing as we know a number of existing small and medium enterprises do face financial issues where they may not be able to meet their daily requirements so we want to give them a hand,” the A-G said.
“This funding support will be provided to genuine applicants that can demonstrate, ability to effectively run a business, create employment opportunities and contribute to the support and overall development of the Fijian economy.”
“The funding will be provided to eligible businesses with a 5 year repayment term, including 1 year grace period with no principal or interest payment,” the A-G added.
“Repayments will commence from the second year with the flexibility of a single annual repayment or even with payments spread over the year and interest calculation will be based on a simple interest method.”