Government will continue to provide funding from the $200 million COVID-19 Credit Guarantee Scheme through the Reserve Bank of Fiji to help business to meet their working capital needs, including payment of wages and salaries, rental costs, utility bills and purchase of stocks.
Under the scheme, existing micro businesses with turnover below $50,000 can access up to $10,000; small businesses with annual turnover between $50,001 and $300,000 can access up to $20,000; medium-sized businesses with turnover between $300,001 and $1.25 million can access up to $50,000; and large businesses with turnover above $1.25 million can access up to $100,000.
The Ministry of Finance highlighted that Commercial banks, Fiji Development Bank and other licensed credit institutions can access the $200 million funding from the RBF at 0.25 per cent and then on-lend at a maximum rate of 3.99 per cent.
Since May, a total of 5,768 loan applications have been approved, totalling around $125.6 million.
Government has confirmed that they will continue providing fund from what’s left of the $200 million.