Merchant Finance Limited has unveiled a new loan product aimed at enhancing financial support for women entrepreneurs in Fiji, as part of its ‘Marama Finance’ initiative. This Women’s MSME loan product is backed by the Asian Development Bank (ADB) and addresses the significant funding gaps that women face in their business endeavors.
Veilawa Rereiwasalia, the CEO of Merchant Finance Ltd, stressed the importance of creating specialized financial products for women-led Micro, Small, and Medium Enterprises (MSMEs). She noted that the influx of loans to women-owned businesses had not kept pace with the growing number of such enterprises. “With over 5000 women-owned businesses, we saw a clear opportunity to help bridge the funding gap and enable women to scale up their operations,” Rereiwasalia stated. The product is intended to provide women with the necessary financial resources to expand their businesses, covering expenses such as equipment purchases and specialized machinery.
The loan offerings range from FJD 5000 to FJD 500,000 with a competitive interest rate of 9.49%. Notably, it includes a unique 200% loan-to-security ratio, allowing borrowers to access funding beyond the value of their collateral, which is a new feature in the secured loan market.
ADB’s Pacific Regional Director, Aaron Batten, expressed support for this initiative, underscoring that access to finance is essential for unlocking the potential of female entrepreneurs and promoting inclusive economic growth in Fiji. He believes this partnership could create greater opportunities for women in business, ultimately fueling local economic development.
Merchant Finance Ltd is committed to bolstering women’s entrepreneurship through tailor-made financial products and accompanying capacity-building initiatives. There is already significant interest from women-owned MSMEs in the new loan product, which aims to enhance their competitive edge in the market.
This initiative reflects optimism for the future of women’s business endeavors in Fiji, as it seeks to elevate women’s roles in the economy and foster a more equitable financial landscape. As financial inclusion grows, it is hopeful that many more women will thrive in entrepreneurial ventures, contributing to broader economic progress.
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