SCGF launches new farmer loan product

February 19, 2024 5:10 am

Minister for Sugar Industry, Charan Jeath Singh [Source: Fiji Government/Facebook]

The Sugar Cane Growers Fund launched a new Government Grant Cane Farm Loan product that will complement in revitalizing the industry.

Minister for Sugar Industry, Charan Jeath Singh says this loan will entice the growers to buy a farm.

Singh says under this package government provides 30 percent of the cost or a cap of $7,500.

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The loan is offered at an interest rate of 2.99% per annum for 12 months and thereafter six percent per annum.

The newly appointed Chair of SCGF, Ahemad Bhamji says from the 10, 563 productive growers, 4, 954 have loans totalling $32m, which represents over 60% of the market share by value.

Bhamji says while fees and charges are reasonable compared to the market, they will review this further in the next three-six months.

The SCGF will also review the Lending Policy to make loans more accessible.

Bhamji says SCGF will also consider a Grower Loyalty Program where they will reach out to the growers in person or through technology.

He add the Fund is at the forefront with iTaukei Lands trust Board and the Lands Department on the renewal of leases for the growers.