The Fiji Development Bank has reviewed its discharge fees for its Social Banking Facility (SBF) in response to changes in stamp duty charges announced in the 2013 budget by Prime Minister Frank Bainimarama in November last year.
The SBF was in effect from July 2008 to December 2009. It allowed people earning less than $7,500 per annum to borrow at subsidised rates of interest with low or no security for the purposes of starting a business to improve livelihoods.
Under the SBF, $3MM was provisioned for two facilities – the Micro Credit Scheme and the Agri-Finance Scheme. The bank continues to provide business loans to low income earners but under normal lending conditions.
“The Social Banking facility was designed to assist the below average earner to access affordable financing with low security requirements so they could generate an income with the view to improving their livelihood in the long term,”says FDB’s Chief Executive Officer, Mr. Deve Toganivalu.