Trade Minister Faiyaz Koya

Trade Minister Faiyaz Koya says there should be an announcement soon on the update of the Micro Small and Medium Enterprises loan scheme.

Koya says hundreds of applications were received by the team and they are currently vetting all the applications.

He says there was a tremendous response from MSMEs that really need assistance in this trying time due to the pandemic.

“Very good positive news shortly. The ministry doesn’t get involved in the actual assessment process, it’s being done by different accountant firms and FCEF that are involved in this, but we should have some news shortly with respect to the numbers.”

The team that is currently vetting applications consists of officers from Women in Business, the Fiji Institute of Accountants, the Fiji Chamber of Commerce and the Fiji Commerce and Employers Federation.

Micro enterprises with annual gross revenue of up to $50,000 can get a loan of $7,000 at a concessional rate of 0.5% whereas small enterprises earning up to $300,000 can apply for $14,000 with an interest rate of 1%.