Boost for micro business ventures
THE COVID-19 Micro Business Assistance which is set to open next week (Monday 11 October) will allow Fiji National Provident Fund members aged between 50-54 years, to access up to $10,000 from their general account balance.
This assistance is expected to help members set up new or boost existing micro business ventures, according to a statement from the fund.
“This assistance is an extension of our unemployment assistance. We are encouraging segmented members to venture into commercial activities that can generate and sustain their livelihoods,” chief executive officer Viliame Vodonaivalu said.
“With improvements in restricted movements due to increased vaccination, things are definitely looking up.
“The impact of the pandemic has forced many members to seek income generating projects and this relief will definitely help our members who are nearing retirement to get the capital they need so they can continue to sustain themselves.”
It was stated a key requirement for this relief was that members’ employment or livelihood would have been affected by COVID-19 and the minimum general account balance required was $1035.
Members would be able to apply to start up a new business, for general business related needs or to financially contribute towards an existing microbusiness according to FNPF.
“Since the relief is for a micro business venture, members will have to ensure they provide the required documents such as business registration certificates or permits, as well as business plans, among other things,” added Mr Vodonaivalu.
The fund stated these micro ventures should be earning less than $50,000 a year as the funds would be paid through two modes whether directly to members or indirectly to an approved lender.
Approved applications would be paid in two instalments and the second payment would only be released once acquittals were provided for the first payment according to the fund.
Applications could be submitted on the myFNPF App for direct assistance or through approved lenders.