Business Link Pacific hopes that by partnering with financial institutions such as the Sugar Cane Growers Fund in Fiji, they will be able to break down some barriers, supporting businesses to rebuild better with the right finance and affordable business advice.
BLP director Steve Knapp said they were aware that SMEs had long-standing problems in accessing financial services due to both demand and supply-side factors, overlain by significant gender-related issues.
“These problems have become more acute since the onset of the COVID-19 crisis,” he said.
Yesterday BLP announced its new partnership with the Sugar Cane Growers Fund (SCGF) to support stakeholders and sugar cane growers with access to adequate resources and capital to diversify their income, contribute to sustainability and increase inclusion within the sugar industry in Fiji.
According to a statement from BLP yesterday, through the SME Finance Facility managed by BLP, the New Zealand Ministry of Foreign Affairs and Trade is investing $NZ530,000 ($F762,949) that will be made available under the Sugar Cane Growers Fund’s Cane Development Revolving Fund as well as its priority loans service.
Under the partnership the funding priority is open to ginger farming projects for sugar cane farmers in Viti Levu for now.
Meanwhile the BLP hopes this new partnership will allow sugar cane farmers to access in-country business advisory services in key areas such as financial management, information technology, continuity planning and e-commerce in order to bounce back from the pandemic and grow the sugar cane industry.
According to BLP the funding will not be limited to only input cost but can be used for agriculture capital development such construction of bulk stores, the acquisition of plant & machinery, boreholes, water pumps and farm vehicles that complement those producers where the repayment is supported directly from the subject produce.
The pilot project encouraged women growers to participate, adding that the first three women farmers will be given complete water tanks through the grant component of the funding.
Entries open from March 10, 2022 to March 31, 2022. Expressions of interest can be lodged here.
Under the partnership, the capital will allow sugar cane farmers members to access funding and loans between the range of $5000 – $70,000 to diversify into ginger and access from subsidised business advisory services through the BLP Network of business advisory service providers.
A new term-debt facility product by SCGF will be rolled out at a reduced interest rate of 5 per cent per annum, (down from 6 per cent pa) with a maximum loan tenor of 60 months.
