ANZ last night announced additional funding for small and medium-sized (SME) businesses.
This is in line with the $3 million government SME Credit Scheme, established to stimulate growth in this sector.
"This additional lending is designed to help existing and new SME customers build and develop their businesses. The new lending will give customers access to business-related loans in order to support investment or expansion opportunities," ANZ acting chief executive and head of Business Banking Rakesh Ram said.
"We remain committed to providing access to finance for the SME sector and supporting economic growth and employment in Fiji.
"ANZ has had a dedicated SME division for four years which is focused on supporting the sector across Fiji. ANZ has recently simplified its loan application process and customers also now have access to a dedicated relationship manager to meet their needs on a daily basis."
ANZ also recently boosted its SME team with the appointment of new Asian banking and non-government and non-profit banking specialists to focus on the specific needs of these segment.
The SME Credit Guarantee Scheme is a program where 50 per cent of the principal outstanding on defaulted SME loans up to a limit of $50,000 per business is guaranteed by the Fiji Government.
This means that if a SME business, which borrowed $50,000 from a financial institution defaulted on its loan, the government can help by paying 50 per cent of the principal amount or $25,000. Interest incurred on the loan is not included in the "subsidy".
The objective of this government policy is to assist SMEs, which are seen as risky portfolios by lending institutions.