Rehab finance

AFTER the recent flooding in the Western and Northern divisions, the Fiji Development Bank has announced that it would ease its repayment terms and assist affected customers through rehabilitation financing.

FDB chief executive officer Mark Clough yesterday confirmed that their relief assistance would be provided to affected customers through the options of repayment moratoriums, interest rate concessions and rehabilitation financing to help rebuild affected farms and businesses.

“The rehabilitation financing will be provided by FDB through the Reserve Bank of Fiji’s National Disaster Rehabilitation Facility (NDRF) without any upfront or application fee charged by FDB,” Mr Clough said in a statement.

“Further loans from FDB at a concessional rate of 5 per cent on separate accounts are also an option under this facility.”

Mr Clough said the NDRF would be facilitated following damage assessment reports on a case by case basis.

This means that all existing farmers and businesses that suffered damage to crops, farm machinery, stock, property and other assets during the floods caused by Tropical Cyclone Josie are eligible to seek assistance from FDB’s rehabilitation financing scheme for replacement of damaged inventory, restoration and repair of cyclone damage to assets, farm houses, business premises and livestock as well as access to working capital because of loss of sales.

Rehabilitation Financing through RBF’s National Disaster Rehabilitation Facility will support:

* repair or replacement of damaged inventory;

* loss of sales (including working capital);

* repair or replacement of cyclone damaged machinery, plant and equipment;

* restoration of cyclone affected farmhouses, business premises including resorts and hotels; and replacement of business vehicles.

Mr Clough said the assistance was intended to help the FDB’s existing businesses and farming customers recover from the damage sustained from the flooding caused by TC Josie and customers whose source of repayment had been affected by the devastating flooding.

Affected customers are to contact their account manager at the nearest branch or their customer service representative in Suva on 9103470 or 3314866 and leave their contact details, which we will direct for attention at the earliest opportunity.

Customers can also message their details to the bank’s official Facebook Page.

“The bank extends its condolences to families affected and those who have lost loved ones,” he said.

Mr Clough said the bank remained committed to meeting the changing needs of its customers and will continue to assess each customer’s request on a case by case basis to determine the necessary assistance that may be required.

The relief assistance policy is effective immediately and will be available until June 30, 2018.