The Fiji Development Bank (FDB) has introduced two innovative financial products aimed at bolstering the nation’s developmental goals by enhancing housing finance accessibility and ensuring business resilience across crucial sectors. The launch event took place at the FDB head office in Suva, where Minister for Finance Esrom Immanuel highlighted the significance of these initiatives in fostering secure homes and dynamic businesses that contribute to more sustainable livelihoods for Fijians.
Minister Immanuel described the dual launch as an indication of the bank’s commitment to being a responsive and forward-thinking institution. He emphasized the importance of understanding Fiji’s socio-economic context, which views both households and businesses as integral components of national growth. The minister expressed that FDB’s initiatives reflect its mission to leverage development finance as a means of improving lives, rather than merely focusing on financial metrics.
FDB board chairman Damend Gounder echoed these sentiments, stating the introduction of the two distinct products—the Choice Home Loan and the Revolving Working Capital Term Loan Facility—was driven by a united purpose: to address real market needs and support Fiji’s development in tangible ways. He noted the long-term impact these products can have, not only on individual customers but also on the interconnected value chains and industries that support them.
The Choice Home Loan is particularly designed for customers in rural areas, offering unsecured loans ranging from $2,500 to $10,000 with repayment terms of up to three years. This product is accessible to both salaried and non-salaried individuals, including those with alternative income streams. Additionally, there are no internal fees during the first six months, and through a collaboration with the Reserve Bank of Fiji, loans up to $50,000 come with a fixed interest rate of 3.99% for the initial five years. For secured loans, borrowers can extend repayment terms up to 30 years for home purchases or construction.
Meanwhile, the Revolving Working Capital Term Loan offers both new and established customers the flexibility to access funds on demand, repay what they utilize, and borrow again without the cumbersome process of applying for a new loan each time. This facility includes a 12-month revolving credit limit that is subject to an annual performance review, adapting to the seasonal fluctuations and varying operational needs that businesses often face.
In summary, the FDB’s new financial products represent a significant step toward empowering both individuals and enterprises, reflecting a deep commitment to the development and prosperity of Fijian communities. These offerings aim to foster economic resilience and enhance the overall well-being of the nation.
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