Accessing credit a challenge for SMEs

May 19, 2022 12:35 pm

Reserve Bank Governor, Ariff Ali. [File Photo]

Around 5500 micro, small, and medium enterprises have been assisted under the COVID-19 Credit Guarantee Scheme via the Reserve Bank of Fiji.

Under the COVID-19 recovery guarantee scheme, the government has made available $200 million through the Reserve Bank to help businesses meet their financial needs and recover from the economic losses.

Reserve Bank Governor, Ariff Ali says access to credit remains a challenge for MSMEs and there is a need to support them.

Article continues after advertisement

“Of this micro-small businesses, which account for about 2581, for 47 percent that access this facility where the government will pay interest for the first two years, there are no fees, there is no repayment, small businesses are 1700, so when you combine micro and small, that’s something around 78 percent.”

Ali made these comments while making submissions on the Audit Report on Compliance Audits Relating to COVID-19 Response before the Standing Committee today.