$40m approved – Temporary halt on applications for scheme

The Fiji Development Bank. Picture: FILE

More than 40 per cent of applications have been processed for the Fiji Development Bank (FDB) COVID-19 Recovery Credit Guarantee Scheme with more than $40 million already approved by the bank.

In a statement issued by the bank, FDB chief executive officer Saud Minam said the response from customers to this scheme had been remarkable, with an average of 300 applications received in a day.

The bank has put a temporary pause on receiving of new applications from 4pm today.

Mr Minam said the move was to allow their team to concentrate efforts and resources towards processing of more than 10,000 applications received in just over a month.

“We have welcomed overwhelming response from both our existing and new customers. FDB has already helped thousands of Fijian businesses by approving loans to the value of $40m under this Scheme since 2 August,” said Mr Minam.

He said the temporary pause would allow the team to process the applications in the past 40 days.

“FDB had stepped up to facilitate the most convenient and safe accessibility platform for Fijians to apply for this loan scheme by providing an end-to-end digital solution.

“Within a few weeks, the bank was ready to help by providing an online platform to access the loan application,” said Mr Minam.

“FDB is also grateful to the Government for the provision of the Scheme under the budget and the opportunity to be able to assist in the recovery of the economy from the pandemic as the only development financial institution in Fiji,” he said.

The bank will advise customers once it will start receiving applications again.

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