‘Budget conditions are a game changer’
The Fiji Commerce and Employers Federation has hailed the Government’s initiative to introduce a $200 million lending facility for micro small and medium enterprises (MSME).
Citing the national budget as reasonable under the current economic situation, the federation said the $200 million was a great initiative, and a game changer.
The $200 million special funding via licensed financial institutions for MSMEs is available under the Recovery Credit Guarantee Scheme.
The funds will assist Fijians
in the MSME cadre get their businesses up to the next level, federation chief executive officer, Kameli Batiweti said.
“I am told the conditions Government has included as part of this initiative is very attractive for the MSMEs and is a game changer,” he said.
“The focus of the initiative, I am assuming, is to assist MSMEs and large organisations with working capital to meet payment for rent, wages or even purchase of stocks.
“This is exactly what the MSMEs are struggling with; particularly the payment of rent and utilities.”
Mr Batiweti said the support from the Government was a life saver for MSMEs.
“The two-year holiday on repayment, and support to pay the interest for the first two years, should be very well received,” he said.
“I am very sure the financial institutions will act quickly on this initiative and provide MSMEs clear instructions on how to make the application.
“In the meantime, the MSMEs need to plan and start working on their loan proposals.”
Mr Batiweti said the National Budget almost mirrored last year’s budget, where the private sector was concerned.
“There are a lot more on offer that everyone can benefit from.”