$106.9 million in loans help more than 5,000 businesses – FBC News

The Reserve Bank of Fiji has received and approved 5,244 loan applications under the COVID-19 Recovery Guarantee Scheme.

Acting Prime Minister Aiyaz Sayed-Khaiyum said it was a total of $106.9 million.

Sayed-Khaiyum explained that this aid is part of the $200 million in loans for the COVID-19 Recovery Guarantee Program to micro, small, medium and large enterprises.

The article continues after the ad

He adds that the government also negotiated with the institutions that were going to lend that there would be no repayment of capital for the first two years, on the basis that the government would pay the interest rate for those companies.


“Essentially, so these businesses have access to the loan for the first two years, but they don’t have to make the repayment. Given the COVID-19 situation, this period is actually critical for them to get back on their feet, because we don’t want these businesses to close.”

Sayed-Khaiyum says that on top of that, financial institutions are currently processing another 64 requests worth a total of around $3.4 million.

He adds that to date, the government has paid a total interest cost of about $1.3 million out of the $107 million already disbursed.

In terms of applications, there were 2,509 applications from micro enterprises, 1,648 small enterprises, 652 medium enterprises and 435 large enterprises received loan assistance.

inhabit
To agree

  • 95.4 FM
  • Suva, Nadi, Lautoka, Labasa
  • 95.2 FM
  • Sigatoka, Ba
  • 95.6 FM
  • Tavua
  • 95.8 FM
  • Rakiraki

inhabit
To agree
  • 102.6 FM
  • Suva, Nadi, Lautoka, Labasa
  • 102.4 FM
  • Sigatoka, Ba
  • 102.8 FM
  • Tavua
  • 103.0FM
  • Rakiraki

inhabit
To agree
  • 97.8 FM
  • Suva, Nadi, Lautoka, Labasa
  • 97.6 FM
  • Sigatoka, Ba
  • 98.0 FM
  • Tavua
  • 98.2 FM
  • Rakiraki

inhabit
To agree
  • 93.0 FM
  • Suva, Nadi, Lautoka, Labasa
  • 92.8 FM
  • Sigatoka, Ba
  • 93.2FM
  • Tavua
  • 93.4 FM
  • Rakiraki

inhabit
To agree
  • 100.2 FM
  • Suva, Nadi, Lautoka, Labasa
  • 100.0 FM
  • Sigatoka, Ba
  • 100.4FM
  • Tavua
  • 100.6 FM
  • Rakiraki

inhabit
To agree
  • 105.0 FM
  • Suva, Nadi, Lautoka, Labasa
  • 104.8 FM
  • Sigatoka, Ba
  • 105.2 FM
  • Tavua
  • 105.4 FM
  • Rakiraki

Comments are closed.