Thousands apply for credit guarantee scheme
September 13, 2021 10:06 am
The Fiji Development Bank has put a temporary pause to new applications for the Recovery Credit Guarantee Scheme.
FDB Chief Executive, Saud Minam says this is being done to allow the processing of the thousands of applications in the last 40 days.
Minam says they need to allow teams to concentrate efforts and resources on vetting more than ten thousand applications.
The CEO confirms they have so far processed more than 40% of the applications, disbursing $40 million to help thousands of Fijian businesses since August 2nd.
Minam says the response from customers to this Scheme has been remarkable, with an average of 300 applications received in a day.
He adds they are grateful to the government for the Scheme and the opportunity to assist in the recovery of the economy as the only development financial institution in Fiji.
The Bank will advise customers once it will resume receiving applications.