The Fiji Development Bank (FDB) and the Ministry of Agriculture signed a memorandum of understanding (MOU) on a matching grant scheme to support SMEs focused on agriculture.
According to the article, SMEs can receive access to grant finance of up to $50,000 and loan funding of up to $100,000. Areas that are included to benefit from this scheme are: Ba, Nadroga, Navosa and Naitasiri provinces.
This agreement is set to improve market-oriented production and open the doors for SMEs to access remote farming areas.
“FDB recognizes the constraints faced by SMEs in the agriculture sector in accessing finance from formal institutions to grow and diversify their operations and how that adds to the hardships faced by small-scale producers,” said Mark Clough, Chief Executive Officer for FDB. The scheme is expected to improve conditions for SMEs in remote or rural areas.