They back small and medium sized enterprises

MARAIA VULA

ANZ Fiji stands tall to support small and medium sized enterprises (SMEs) alongside the Reserve Bank of Fiji during the COVID-19 pandemic. RBF in a recent statement said it was supporting local businesses by granting access to emergency funding to help keep them - and the Fijians they employ - operating through this difficult period.

About ANZ Fiji support

ANZ Fiji Country Head, Saud Minam said: “SME is a very important segment of our business in Fiji, we all have been supporting SMEs for past several years and have been able to develop good relationship with our SME customers.

“ANZ Fiji has already approved 75 per cent of received applications from Fijian SMEs for loan defeats on principal and interest repayments.

“Also glad to inform you that 15 per cent of those approved are female - owned businesses.

“In addition to these applications, we are processing small number of SME requests for additional working capital under the Reserve Bank of Fiji’s guarantee scheme.

“Any existing ANZ SME customers looking for additional working capital may be processed under the RBF guarantee scheme, subject to ANZ’s credit term and conditions.

“These are tough times for all businesses and individuals and we ANZ have been here for 140 years will continue to support our customers,” Mr Minam said.

The Reserve Bank of Fiji offers three facilities targeted to Small and Medium Enterprises (SMEs) as follows:

1. SME Credit Guarantee Scheme;

2. Import Substitution and Export Finance Facility; and

3.Disaster, Rehabilitation and Containment Facility.

Who is eligible for funding?

In Fiji, an SME is defined as either an enterprise with a turnover between $30,000 to $500,000 or an enterprise that employs fewer than 50 workers.

Both are eligible for RBF relief. Those looking to start a new SME can also take advantage of these facilities by applying through relevant lending institutions for assistance.

How can my business access funding?

SMEs may access these funds through an application to a commercial bank, licensed credit institution1, or the Fiji Development Bank (FDB).

Funding will be subject to each individual bank’s normal credit criteria.

How much funding can I receive?

- Funding will range from $10,000 up to $500,000, depending on the

SME’s requirements.

-Loans above $500,000 can be considered under special circumstances.

-The SME Credit Guarantee Scheme will cover 50 per cent of the principal amount outstanding on defaulted SME loans, up to a maximum of $50,000 per individual business.

What do I need to provide?

1.Latest financial statements for your business from a certified accountant;

2.Tax compliance certificate/letter;

3.Business registration certificate; 4.Business plan and cashflow projections; and

5. An application to a commercial bank, licensed credit institution, or FDB stating the level of funding sought and the rationale supporting your request.

To ensure this funding is as widely accessible as possible, any Fijian who needs assistance in acquiring or creating the above documentation is encouraged to contact their respective lending institution.

The Fiji Chamber of Commerce can also assist potential clients with their cashflow statements.