2019/2020 Budget Consultation: FDB promotion to encourage aspiring entrepreneurs
9 March, 2019, 9:20 pm
IN a bid to encourage more aspiring entrepreneurs to grow their businesses, Government is trying to foster partnerships between the people and the Fiji Development Bank (FDB).
The issue of FDB issuing loans to farmers from cane cooperatives was raised during the 2019/2020 National Budget consultation in Lautoka today.
Attorney General and Minister for Economy Aiyaz Sayed-Khaiyum said by taking loans through the FDB, they were developing relationships to make it easier for members to get individual loans too.
He said the $1000 grants given by Government through the Ministry of Industry and Trade were also processed through the FDB.
“We want FDB to become familiar with these individuals so if a lady, for example, is selling handicraft, she’s selling handicraft to the tourist but the money she makes every day, she finishes it because she uses that money to buy food for her family,” Mr Sayed-Khaiyum explained.
“When we give $1000, she has additional money to buy more raw materials to make more handicrafts. If her business does well, she can go to the FDB and say, look, I want to borrow $3000.
“FDB will then know, oh, this lady got the grant, she’s growing her business, let’s lend her money. In the same way, if FDB lends you the money, there’s a profile of people in the cooperative.”