Sugar Cane Growers Fund (SCGF) has announced reduction of interest rate on all Business Link Pacific (BLP) loan from 5% to 3.5%. This rate comes into effect 3rd March 2025 after approval from Business Link Pacific.
The BLP Concessional Loans program is implemented by DT Global in its capacity as Managing Contractor of the Pacific SME Finance Facility Pilot programme. DT Global have partnered with Sugar Cane Growers Fund (FI Partner) to deliver funding on behalf of the Ministry of Foreign Affairs and Trade (MFAT) under a New Zealand international aid and development programme by making wholesale capital accessible to small and medium size cane growers/ business enterprises (SME’s) operating in the cane belt area of Fiji, at concessional loan rates. The facility is extended to all Fiji sugar cane growers. It commenced from 23rd May 2022, aimed to provide sugar cane farmers to diversify their income base. The loan ranges from $1000 to $30,000 based on the cane production matrix, and it also caters to supplement the sugar cane farming industry as a business. One of the conditions of the loan is that the farmer must register and operate as a business.
The actual interest rate is 4.5%, however, one percent is subsidised by BLP and this is provided until such time the subsidy is available and once the rebate finishes, it will revert to 4.5%, which is still very competitive, said Chief Executive Officer Mr Raj Sharma. Mr Sharma said some farmers have taken advantage of this product and have set up a business to support the family.
Mr Sharma acknowledged the efforts of BLP, where it is not only committed to loan funding but also assisting the capacity building of SCGF and customers too. His comment comes after BLP Consultant- Ms Vandhana Sharma of Thinkbiz is out in the north to conduct training for SCGF and Customers.
Ms Sharma stated that she is impressed with the basic understanding of the financial that farmers have, but she feels that training and awareness of this nature would help the farmers to manage the finances.
Raj Sharma
Chief Executive Officer
