The Fiji Development Bank has approved 585 loans to female-owned enterprises worth $1.4 million. This is from over 2000 applications filed between August of last year and February 28th, 2023, according to FDB Chief Executive Saud Minam. According to Minam, the financing facility is accessible to sole proprietors, joint ventures, and partnership firms and offers a minimum of $1,000 to a maximum of $5,000 with three-year loan tenure.
The CEO announced today the availability of parametric insurance for consumers in conjunction with Tower Insurance. As a consequence of the agreement, customers who use the FDB Loan for Women Entrepreneur facility will be able to acquire insurance coverage in addition to their loans. Consumers may pay as low as $8 per month for the policy, which will give immediate assistance in the event of a disaster. At the MoU signing event, Sashi Kiran, Assistant Minister for Women, Children, and Poverty Alleviation, lauded the two organizations for creating an enabling environment for female entrepreneurs.
Kiran goes on to say that SMEs account for more than 18 percent of Fiji’s GDP and employ 60 percent of the workforce. Veilawa Rereiwasaliwa, Pacific Digital Distribution Head of Tower Insurance, asserts that fewer than 10% of Fijian residences have cyclone insurance.