FDB Commercial Loads to Fijians Scheme

Useful for: Fiji

 Working Capital Loans

DO YOU MEET THE FOLLOWING REQUIREMENTS?

        For Individuals

1.        Are you at least 21 years old, a Fiji Resident &

2.        Belong to ONE of the following groups:

·         A Fijian registered in the Vola ni Kawa Bula?

·         A Rotuman registered in the Rotuman Birth Register?

·         A General Elector registered in the General Electors Electoral Roll and are of Melanesian or Polynesian or Micronesian origin?

For a Company, Partnership or Co-operative,

Is the business 100% owned by people who fulfil the Requirements 1 & 2 above?

FURTHER DO YOU:

·         Have a viable project

·         Have a good credit history with us or any other bank

·         Possess the necessary skills, qualifications and experience for the intended project

·         Have the necessary asset backup to secure the loan sought

·         Have your project situated within 1km of a government feeder road ( if on Viti Levu OR Vanua Levu) OR situated within 3km of the nearest inter island port of call if on an outer island.

If YES, then find out more on what we offer!

SPECIAL ELIGIBILITY CRITERIA

You must have either:

·         A Completion Certificate from the Start Your Business (SYB) and/or Improve Your Business (IYB) training Programs with the Ministry of Trade & Commerce OR

·         5 years experience in operating a business at supervisory level OR

·         A Letter of recommendation from the Micro-Finance Unit or WOSED Scheme to expand their business AND

·         Further pass an FDB Interview to asses the business skills.

INTEREST RATE CHARGES.

Interest is calculated on daily balance and automatically charged to your account monthly.

DOCUMENTS TO BE PROVIDED WHEN LODGING YOUR APPLICATION.

1.        Business Plan

2.        Right of Land/Building Use - Copy of Registered title or current lease over land or Tenancy Agreement ( term of lease must exceed loan term)

3.        3 Quotations for Purchase of Stock

4.        Business Licence from the Local/Rural Authority

5.        Company Registration Certificate from the Registrar of Companies

6.        VAT Certificate from Inland Revenue Department

7.        Financial Statement for last 2 years for established businesses

8.        Income & Expenditure & Cash Flow Projections for New Businesses

9.        Evidence of Training attended or Employment Letter at Supervisory level for 5 years

2.       Real Estate Investment ( For the Purchase or Construction of Rental Accomodation)

DO YOU MEET THE FOLLOWING REQUIREMENTS?

For Individuals:

1.Are you at least 21 years old, a Fiji Resident &

2.Belong to ONE of the following groups:

·         A Fijian registered in the Vola ni Kawa Bula

·         A Rotuman registered in the Rotuman Birth Register

·         A General Elector registered in the General Electors Electoral Roll and are of Melanesian or Polynesian or Micronesian origin?

For a Company, Partnership or Cooperative,

Is the business 100% owned by people who fulfil the requirements 1&2 above?

Further ,Do You:

·         Have a viable project

·         Have a good credit history with us or any other bank

·         Possess the necessary skills,qualifications and experience for the intended project

·         Have the ability to meet the required equity contribution towards the total cost of the project

·         Have the necessary asset backup to secure the loan sought

Interest is calculated on daily balance and automatically charged to your account monthly.

                DOCUMENTS TO BE PROVIDED WHEN LODGING YOUR APPLICATION.

1.        3 Quotations for Construction

2.        Construction Contract - An Executed Fixed price Contract for Work to be undertaken

3.        Copy of Building Plans & Specifications for Building Construction

4.        Sales and Purchase Agreement or Letter of offer for purchase of the Property

5.        Business Plan

6.        Independent Valuation of Property

7.        Right of Land Use/Building Use - Copy of Registered Title or Current Lease over Land & Tenancy Agreement (term of lease must exceed loan term)

8.        Details of Other Borrowings and provide confirmation

9.        Financial projections for 3 years

10.     Financial Accounts for last 3 years (for companies)

11.     Engineers Certificate

12.     Confirmation of Tenancy Offer with full details for duration loan

3.       Transportation Plant, Equipment & Vessels

For Individuals ( same as above)

For A Company, Partnership Or Cooperative,

Is the business 100% owned by people who fulfil Requirements 1 & 2 above?

Further, Do you:

·         (same as above)

·         Is your project situated within 1km of a government feeder road (if on Viti Levu or Vanua Levu) OR situated within 3 km of the nearest inter-island port of call if on an outer island.

Note: Only Taxis require a 50% cash contribution.

Interest is calculated on daily balance and automatically charged to your account monthly.

                                                                                     Vehicles

* Lending to new clients currently suspended in Nausori & Suva.

                                                                                MarineVessels / Equipment

                DOCUMENTS TO BE PROVIDED WHEN LODGING YOUR APPLICATION.

1.        Confirmation of Age and Mileage ( if second-hand vehicle)

2.        Business Plan

3.        3 Quotations of Asset to be purchased

4.        Cash Flow Statements ( monthly)

5.        Financial Projections ( for 3 years)

6.        Financial Accounts for last 3 years

7.        Details of other Borrowings and Confirmation

8.        Source & Evidence of Equity Contribution

9.        FOR VEHICLE PURCHASE

·         LTA Certificate of Roadworthiness

·         LTA Driving Licence appropriate to Class of Vehicle

·         Evidence of Contract

·         For Taxi Operators - A Taxi Permi and Taxi Base

·         For Hire Car Operators - a Hire Plate Licence

10.     FOR PURCHASE OF VESSEL

·         Marine Department Certificate of Sea Worthiness and Certificate of Registration.

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