Ariel view of Suva City. [File Photo]

Around $50m worth of loans have been approved under the $200m scheme announced in the 2021/2022 budget.

Economy Minister, Aiyaz Sayed-Khaiyum says any Micro, Small and Medium Enterprise can go out and borrow from commercials banks at an interest rate of no more than 3.99 percent.

Sayed-Khaiyum says these borrowers do not have any interest nor principal payments for the first two years.

“They have to go through the approval process. Already $50m has been dispersed and another $50m is currently being assessed by the financial institutions. From my understanding, the Banks that have participated in it is HFC, Bank South Pacific, Bred Bank and Fiji Development Bank.”

The $200m working capital provided in the form of loans will help businesses to sustain themselves.