Ten iTaukei-owned businesses received funding offer letters yesterday from the iTaukei Land Trust Board (TLTB) as part of its iTaukei Development Fund Facility initiative, marking the commencement of the new loan facility service.
“This fund signifies an extension of TLTB services beyond traditional lease processing and distribution, providing our landowners with critical access to capital for development projects and economic ventures,” said TLTB chair and Assistant Minister for iTaukei Affairs Ifereimi Vasu, during the presentation of the offer letters and agreements to the successful applicants.
The TDF, with a total budget of $5 million, aims to empower landowners by enabling them to effectively utilize their land and resources, thereby promoting economic growth and improving the well-being of the iTaukei people.
The facility operates under two main allocations: $4 million for landowning units and $1 million for individual members of these LOUs. The $4 million allocation is available to Landowning Units (LOU) with valid Trust Accounts, allowing for repayment through lease and license proceeds. The $1 million allocation is for individual members of the LOUs to support their community’s economic development.
Mr. Vasu mentioned that since the facility’s rollout, TLTB has received 63 applications, with 19 meeting the eligibility criteria and ready to receive support.
The facility acts as an Advance Fund Facility, providing capital for development initiatives under the following conditions:
– An interest rate of 2.5 percent on advanced funds.
– A repayment period of two years.
– A maximum advance amount of $30,000.