New loan to boost women-led businesses in agriculture

May 24, 2024 5:36 am

[File Photo]

The newly launched EmpowHER AgriLoan is a specialised loan for women-owned businesses in the fruit, vegetable, and marine sectors.

This was highlighted by Chief executive of Merchant Finance Veilawa Rereiwasaliwa, who say that this is to help tackle the financial challenges faced by women building businesses in Fiji.

Good Return has partnered with Merchant Finance Pte Limited to provide lending solutions to those who typically struggle to access financial services.

Article continues after advertisement

The loans are targeted at female farmers, processors and other women-owned agricultural businesses that help generate jobs for marginalised people.

This loan is to assist in purchasing equipment that will help these businesses to expand and thrive.

It is open to women who run businesses as suppliers, growers, transporters, processors or retailers – ensuring a boost for women along the value chain.

Merchant Finance is administering the loans, and Good Return is providing a guarantee for the loans via its Australian-funded Impact Investment Fund.

The Good Return chief executive Shane Nicholas says that his team has identified many women in agriculture facing obstacles in expanding their business, and struggling to counteract the high risks from working in farming.

Nicholas adds that too often, women are left out of the banking system and this can help women business women contribute to economic growth and resilience.