Ten iTaukei-owned businesses have received their funding offer letters from the iTaukei Land Trust Board (TLTB) under its iTaukei Development Fund Facility initiative. This marks the launch of the new loans facility.
“This fund represents an expansion of TLTB services beyond traditional lease processing and distribution, providing our landowners with essential access to capital for development projects and economic ventures,” said TLTB chair and Assistant Minister for iTaukei Affairs Ifereimi Vasu. He presented the offer letters and agreements to the successful applicants.
“The TDF, with a total budget allocation of $5 million, is designed to empower landowners in effectively utilising their land and resources, thereby fostering economic growth and enhancing the well-being of the iTaukei people.”
Vasu explained that the facility operates under two main allocations: $4 million for landowning units and $1 million for individual members of these units.
The $4 million allocation is available to Landowning Units (LOU) with valid Trust Accounts, enabling them to repay advances through lease and license proceeds.
The $1 million allocation is intended to help individual members of the LOUs advance their community’s economic development.
Since the rollout of the facility, TLTB has received 63 applications, with 19 meeting the eligibility criteria and ready to receive support.
The facility functions as an Advance Fund Facility, offering 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.