The Fiji Development Bank welcomes the Reserve Bank of Fiji’s 1 February announcement of the Natural Disaster Rehabilitation Facility (NDRF) and the low interest rate of 5% available to those eligible for assistance.
“Timely and affordable financing to aid with rehabilitation is critical for affected farmers and businesses particularly after any natural disaster,” says FDB’s chief executive officer, Mr. Deve Toganivalu.
“By reviewing the Flood Rehabilitation Facility (2009) and creating a more versatile financial product such as the NDRF that encompasses all forms of natural disasters not limited to floods, provides a greater latitude and flexibility to us as a development financier, to immediately offer the facility to our clients following a disaster.
“The reduced interest rate is also commended because acquiring additional debt for stricken businesses is a decision that bears on their ability to repay in addition to any other loans that they may have at the time.”
As an immediate temporary relief measure, FDB offer the following:
- Delay in repayment schedule;
- A freeze on interest; and/or
- Interest only repayment.
Under the NDRF, farmers and businesses can apply for the following assistance following a natural disaster:
- Replacement of damaged stock or inventory;
- Repair of replacement of damaged plant, equipment and machinery;
- Restoration of related damage to business premises including resorts and hotels;
- Replacement of business vehicles and;
- Working capital due to loss of sales.
At this time, the NDRF is open to businesses affected by Cyclone Evan and closes on 30 September, 2013. The maximum financing available is $500,000 per entity for a term of six months with the possibility of extension to five years.
Affected clients of FDB are encouraged to contact their Relationship and Sales Officer if they need more information.