The Sugar Cane Growers Fund (SCGF) has announced an innovative mortgage protection scheme aimed at ensuring the financial security of borrowers under 70 years of age who have loans from the fund, provided those loans are not in default. The plan, which became effective on August 1, will cover a loan amount of up to $50,000 in the event of a borrower’s death or permanent disability, with payments administered through Capital Insurance Ltd.
Chairman Ahemad Bhamji explained that the scheme represents a significant investment for the SCGF, costing around half a million dollars. Notably, this coverage extends to individuals with loans exceeding $30,000, emphasizing the fund’s commitment to supporting sugar cane growers amidst various industry challenges.
Furthermore, Bhamji indicated that the SCGF is actively working to reduce loan interest rates to below 4 percent if cane production meets expectations for the season. He expressed optimism regarding the fund’s financial management and infrastructure, citing a recent grant from the Asian Development Bank amounting to $38,000 that will enhance services for growers. The grant will facilitate online access to documentation, making it easier for borrowers to manage their loans and mortgage copies.
This development builds on earlier initiatives by SCGF, which recently launched mortgage protection insurance specifically for sugar cane farmers. This offering is part of a broader strategy to empower farmers through comprehensive financial packages that include loans, savings, and insurance options—all designed to alleviate financial burdens.
Moreover, SCGF’s proactive approach includes plans for further collaborations and business developments, such as the construction of a new complex to expand support for growers. This vision not only reflects a strong commitment to enhancing financial stability for farmers but also promotes a sustainable future for the sugar industry in Fiji.
Overall, the SCGF’s initiatives, particularly the mortgage protection program, represent a significant and positive advancement for the sugar cane farming community. This supportive infrastructure is expected to strengthen the financial resilience of farmers, thereby laying a foundation for economic stability and growth within the sector.
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