Fiji Development Bank launched a new product, a loan facility for women entrepreneurs on Friday.
The bank discovered that its customer base was more tilted towards the mid segment and close to 11 per cent of its segment were women.
The product focuses on women and Micro Small Medium Enterprise (MSME) segments.
FDB chief executive officer, Saud Minam said in his first year with the institution, he had seen the growth of the organisation for the last 55 years.
Mr Minam said they would continue to support the segments such as agriculture, small micro-entrepreneurs and micro, small, medium enterprises which was close to 90 per cent of their portfolio.
“Going forward, I wish and I pray that we continue to stay here for 55 more years, or maybe at least 45 more years so we can celebrate all the 100 years. I may not be here with you guys after 45 years, but I wish you all the best to celebrate the next celebration,”Mr Minam said.
Attorney-General and Minister for Economy Aiyaz Sayed-Khaiyum hopes that FDB would not only become a household name but become a key player in the economic development of the country.
Attorney-General and Minister for Economy Aiyaz Sayed-Khaiyum with Baikeirewa Investment owner, Milika Rokomada on Friday, July 22, 2022. Photo: Laisa Lui
FDB is looking at more investments in terms of strategic development assistance that has been provided to businesses.
“Today’s launch also marks the new initiative that was announced in the budget on the 15th of July,”Mr Sayed-Khaiyum said.
“The Government has allocated a million dollars to assist women in particular, to access loans from FDB in particular for the micro small enterprises where Government will contribute 10 per cent of the equity requirements for that particular business.
“The loans are anywhere from $1000 to $5,000.
“This is another initiative now that we’ve started. FDB will be able to expand its footprint in particular in the female entrepreneurship space,” he said.
The Women Entrepreneurs Business Council praised the Bank in its effort to support women.
WEBC chairperson Eseta Nadakuitavuki was pleased to see the Bank coming up with great initiative and inviting the vendors to its 55th anniversary.
Ms Nadakuitavuki said they needed to collaborate as there were so many things happening at different women organisations.
“I really want us to work together so that these women and even the small entrepreneurs benefit from all the initiatives that are happening,” Ms Nadakuitavuki said.
“I’ve just noticed that one of the women is working on having the product patented so that no one else can copy,” she said.
More than 13 stalls displayed its products during the celebration on Friday.
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