The Fiji Development Bank has received an overwhelming response from businesses for it COVID-19 Recovery Credit Guarantee Scheme.

The Fiji Development Bank has received an overwhelming response from businesses for it COVID-19 Recovery Credit Guarantee Scheme.

The Scheme aims to assist Micro, Small and Medium Enterprises as well as large businesses affected by the pandemic.

FDB Chief Executive, Saud Minam, says close to $52m of loan have been approved.

He says a temporary pause has been put on new applications to allow FDB process the other applications.

“We received in less than 30 working days starting from 2nd of August to 14th of September, close to about 13,800 applications and on average in the early parts in the month of September, close to 400 to 500 applications in a day”.

Minam says they’ve managed to reach customers outside of Suva through their digital platform.

He adds that of the 13,800 applications, only 20 to 30 were made manually.

“It’s the digital piece. If I give you an example, a person who is affected due to the pandemic somewhere in Rakiraki, and as long as they got a smartphone and data in it, they can actually go through a whole process. All the way from the submission of application, submission of their documentation and once the loan is approved, it comes back to their account”

The FDB will advise customers once it will start receiving applications again.