Home Finance Company (HFC) is one of Fiji’s most well known superior financial institutions, having facilitated housing dreams for thousands of people since it was first established fifty years ago. HFC most commonly known for its Home Loan products has over the past years diversified its product offering to suit all its customer segments.
Recently HFC has introduced a product for Small to Medium Entrepreneurs who need funding to set up new businesses or assist with existing business. Access of loan funds by SMEs has been difficult either due to lack of equity, collateral or poor financial personal track record.
According to the Chief Executive Officer- Mr. Isikeli Tikoduadua, HFC launched this product to support Small and Medium Business Enterprises who have been core incubators and drivers of economic growth in most parts of the world and we would like to see this segment of business flourish in Fiji.
Mr. Tikoduadua said the Government in its 2012 National Budget has allocated $3m under the guarantee scheme through the Reserve Bank of Fiji (RBF) for development of Small and Medium Enterprises.
HFC’s SME Package focuses on businesses which are committed towards driving Fiji’s economy in line with Government initiative in the 2012 budget.
He further said that with the introduction of their new SME product it shows our commitment to be the best choice financial services provider and to be one of the local leaders in the financial sector contributing towards driving the national economy.
“For this product, we are not competing with anyone but trying to assist all those who may have been marginalized in accessing funds. Therefore, it is also part of our corporate responsibility to offer this product.’’
The benefits of the SME program are:
nA term of 10 years based on a sustainable business income assessed through historical financial data and cash-flow projections.
nMinimum equity of 10 per cent of actual project cost, which may be provided through cash, collateral security or surplus from existing securities held;
n“Interest only” repayment in case of financial hardship subject to review of account;
nQuick turnaround time for approval - we say five days on receipt of formal application with supporting documents however, at times even earlier if customers provide us with all the necessary information that is required.
In addition to SME Product and the traditional Home Loan and Commercial Business products, HFC has recently introduced several innovative products that are well priced and competitively targeted towards the commercial customer segment.
These include products such as Asset Finance Plus Point, Export & Import Substitution Finance - EXIM and recently introduced Disaster Rehabilitation Facility following the recent floods in the West.
“HFC has always looked at offering competitive and innovative products similar to commercial banks but with differentiation, that not only helps the customer but contributes towards nation building,’’ said Mr. Tikoduadua.
HFC itself is a local institute and supportive of “Made in Fiji” concept.
“Promotion of local products has been part of government’s strategy to improve balance of payment and HFC has been part of this with its loan facilities for product substitutes’’ he said.
After decades of service, HFC has proven time and time again with their flexible financial assistance that they are there for the people of Fiji when it matters. We are in our 50 years of serving our community and we look forward to providing our customers with even better products and services in the future.
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