The Fiji Development Bank has approved 585 loans to female entrepreneurs valued at $1.4 million.
FDB Chief Executive, Saud Minam says this is from the nearly 2000 applications that were received between August last year and February 28th, 2023.
Minam says the loan facility allows a minimum of $1,000 to a maximum of $5,000 with a loan term of three years and is available to sole traders, joint ventures and partnership businesses.
Fiji Development Bank. [File Photo]
The Chief Executive today announced the addition of parametric insurance for customers in partnership with Tower Insurance.
The agreement will support customers under the FDB Loan for Women Entrepreneur facility to purchase insurance cover alongside their loans.
The cover will cost the customers as low as $8 per month and will give immediate relief in the event of a cyclone.
Speaking at the MoU signing ceremony, Assistant Minister for Women, Children and Poverty Alleviation Sashi Kiran commended the two organizations for creating an enabling business for female entrepreneurs.
Kiran adds Small and Medium Enterprises (SMEs) contribute over 18 percent to Fiji’s Growth Domestic Product (GDP) and employs 60 percent of the country’s labor force.
Tower Insurance Head of Pacific Digital Distribution Veilawa Rereiwasaliwa says less than 10 percent of households in Fiji have any form of cyclone insurance.