FDB new loan package launched
7 December, 2018, 4:30 pm
The Fiji Development Bank is introducing a new loan package that is targeted at customers identified as subsistence, semi-commercial and commercial farmers with more than 10 years farming experience and an established market.
The Fiji Development Bank’s Agriculture Family Loan Facility, a loan package designed for experienced farming families, was launched at the Katonivere Ground in Labasa yesterday.
While officially launching the package, Minister for Agriculture, Rural and Maritime Development, Waterways and Environment, Dr Mahendra Reddy applauded the innovative solution developed by the FDB as the need to arrive at a suboptimal solution to deal with imperfect factor markets was crucial.
“I have much pleasure in launching this product because FDB’s Agriculture Family Loan is a multi-dimensional solution to achieving sustainable agriculture in Fiji, rural development and contributes towards the Government’s financial inclusion agenda,” Mr Reddy said.
“The product is designed for experienced Fijian farming families. That is, the loan will be offered to a family: husband, wife and eligible child to be involved in the loan and share the skills set and responsibilities. It is specifically designed for families who have a viable farming business on communally owned land, estate or private owned land with consent given by the land owning unit.
“With assistance through the Ministry of Agriculture grants, many Fijian families are able to start their farming business at semi-subsistence level, but to expand farm development into semi-commercial level for farmers without lease remains a major constraint to accessing finance.”