Do You Meet The Following Requirements?
- Are you at least 21-years-old and a Citizen of Fiji
- Have a business that is 100 per cent locally owned
- Own or Intending to Purchase a business which has an annual turnover of $50,000 and below
- Belong to an ethnic group OTHER THAN a Fijian, Rotuman or Eligible General Elector of Melanesian or Polynesian or Micronesian origin?
- have your project situated within 1km of a government feeder road (if on Viti Levu or Vanua Levu) OR situated within 3km of the nearest inter-island port of call if on an outer island
Documents To Be Provided When Lodging Your Application
- Business Plan
- Right of Land /Building Use - Copy of Registered Title or current lease over land or Tenancy Agreement (term of lease must exceed loan term)
- Business License from the Local/Rural Authority
- Company Registration Certificate from Registrar of Companies
- VAT certificate for the previous 3 years from the Inland Revenue Department
- Financial Statement for last 2 years (for established businesses)
- Income and Expenditure Statement and Cash Flow Projections for 2 years (for new businesses or bad credit)
- 3 Quotations for Purchase of Stock
- Evidence of Equity Contribution
- Details of Other Borrowings with Confirmation
Security Required
(to adequately cover loan amount and may include) |
- Mortgage
- Debentures
- Joint & Several
- Guarantees made by Directors of the Company
- Bill of Sale
- Any other appropriate security
|
| Loan Term |
5 years |
| Exclusions |
Businesses with annual turnover of above $50,000 |
| Equity Contribution |
Minimum of 20% of the Total Project Cost |
| Interest Charges |
| First $50,000 |
8% per annum |
| In excess of $50,000 |
13.5% per annum |
| Interest subsidy of 5.5% up to $50,000 per applicant |
Call Your Nearest Branch For More Information
