Loan Purposes
- Logging
- Saw-milling
- Further Processing
- Working Capital (for operation/establishment of eligible enterprises but is not to exceed more than 30 per cent of the loan amount)
(The above can include acquisition of fixed assets like purchase of land, buildings, machinery & equipment for existing/established business)
Do You Meet The Following Requirements?
- are at least 21-years old
- are a Fiji-Citizen registered in the Vola ni Kawa Bula or the Rotuman’s Birth Register
- are you either an Individual, part of a Partnership, Cooperative or Corporate Entity
- project is 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
- If applying as part of a Joint Venture/Partnership, is the business at least 51% owned by a Fijian/Rotuman
| Maximum Loan |
FDB loan will be 65% of Project Cost and is not to exceed $162,500 |
| Equity Contribution |
- At least 35% of total project cost (25% provided by the Government with the balance by the applicant in cash or kind)
- The 35% amount should not be more than $87,500 per applicant.
|
| Interest Rate |
8% per annum. |
| The FDB portion of the loan is charged at 8% p.a. with the SCARF portion being interest free |
| Term Of Loan |
| Fixed Asset |
Maximum Term (Years). |
| Buildings for Construction/Purchase |
15 |
| Plant & Equipment |
7 or shorter of working life |
| New Utilities/Van |
3 |
| New Truck |
4 |
| Used Vehicles(3 yrs) |
3 |
| The working capital portion of the loan can be included together with any of the above items and qualify for the maximum term |
Security Required
(to adequately cover loan amount and may include) |
- First Mortgage
- Bill of Sale
- Mortgage Debentures
- Assignments
- Directors Personal Guarantees
- Other Collateral security
|
| Exclusions |
Used vehicles over 3 years old |
Documents To Provided When Lodging Your Application
- A completion certificate from the Start Your Business (SYB) and/or Improve Your Business (IYB) training programs with the Ministry of Trade & Commerce OR 5 years experience in operating a similar business at Supervisory level.
- Loan Proposal submission from the Ministry of Forestry stating that the proposal has met their requirements including:
- Business Plan or Feasibility Study
- Cash Flow Projections – monthly for the first year and annually for the next 2 years.
- Right of Land Use/ Building use – Copy of Registered title or current lease over land or Tenancy Agreement. - term of lease must be more than the loan term.
- Copy of Building Plans and specifications for building construction
- Business Licence from the appropriate Authorities.
- Company Registration Certificate from the Registrar of Companies.
- VAT certificate and other related documents from the Inland Revenue Dept.
- Financial statement – last 2 years (established businesses)
- Construction contract – 3 quotations for construction works and an executed fixed price contract for the work to be undertaken.
- 3 quotations for purchase of plant, equipment, vehicles or other assets to be purchased.
Call Your Nearest Branch For More Information
