Sami Gets $20k FDB Loan and Boosts Business
Narendra Sami is counting his blessings after receiving a boost to his business. The 38-year-old, originally from Qarawalu, Vuna in Taveuni, was a loan recipient through the Fiji Development Bank COVID-19 Recovery Credit Guarantee Scheme.
Married with a son, Mr Sami has been operating his business, Fresh Produce Taveuni, from Rifle Range in Lautoka since 2014.
Before moving to Lautoka, Mr Sami, an only son, lived with his nuclear family in their farm in Taveuni where he planted kava, dalo and vegetables with his father.
“Whilst farming in Taveuni, I decided to start my own kava business. “I used to buy yaqona from some farmers in Taveuni and sell to buyers in Suva and Lautoka markets.
“When I send the kava to buyers in Suva and Lautoka, most of the time the payments were not made on time and there were too many complaints.
“So I decided to come to Viti Levu to reopen and operate my business in Lautoka.
“I have three agents in Taveuni who buy the kava and fresh produce for me and they send it across to me.
“I wholesale the kava to my customers in Nadi, Lautoka Rakiraki, Ba, and Sigatoka.
“I saw the changes myself when I sell to my customers from here, they pay on time with no complaints.”
He highlighted that these agents send the kava twice a week via boat and they receive commissions.
“My cousin owns a truck, he delivers the kava to my doorstep and I pay for the delivery charge, so I get to give him business too.”
He said he applied for the FDB Bank COVID-19 Recovery Credit Guarantee Scheme because of lack of capital to buy kava and fresh produce to meet the demand from his customers.
FDB statement
FDB chief executive officer Saud Minam in a statement said FDB has already helped thousands of Fijian businesses by approving loans to the value of $40 million under this Scheme since 2 August.
In fact, the scheme has been so popular that the FDB has been forced to place new approvals on pause while it assesses those that have arrived at its office. The FDB has been receiving an average of 300 applications received a day - a response Mr Minam described as ‘remarkable’.
In terms of response from customers to this Scheme, Mr Minam said it has been remarkable,
Mr Sami said: “I was given a $20,000 loan in mid-August by FDB.
“My plan was to split the money, half to buy kava, the other half to buy fresh produce.
“With this loan it boosted my business to buy more of my commodities because I had to meet the demands from customers and costs of operating a business in light of COVID is a bit expensive.
“This loan assistance has helped my company in terms of my working capital.
“It made my work easier because in Taveuni, whatever I buy from farmers, they only want cash payment and there is no credit business.
“I plan to repay the loan back from the profits I make when I sell the stock.”
He says his wife helps out in the business when he is out delivering orders from customers with his assistant.
Mr Sami thanked FDB and Government for the timely assistance offered to Fijians.
Future plans:
In terms of future plans, he plans to export into international markets, USA, New Zealand.
According to Investment Fiji, a total of 51 fresh agricultural products approved for export to New Zealand from Fiji.
Of the 51 approved agriculture produce, Investment Fiji noted that Fiji’s main agricultural exports to New Zealand continues to be taro, kava, eggplants, papaya, cassava and a mixture of other vegetables.
Investment Fiji continues to assist local exporters find new markets and create pathways for emerging exporters.