The Sugar Cane Growers Fund has reported a significant increase in loan approvals, with CEO Raj Sharma announcing that $1.5 million in loans were granted in June alone, highlighting a growing confidence among farmers in the industry. During a recent open day in Labasa, loans totaling $230,000 were approved in just one day, demonstrating the fund’s active role in supporting farmers ahead of the cane crushing period.
Sharma noted that this latest approval amount is double that of previous months, where loans typically hovered around $750,000 to $800,000. Last year, approximately $1 million was approved in loans during June. Over the last year, the total loan portfolio averaged at about $9 million, translating to approximately $800,000 per month. The current surge in loans is viewed as a positive indicator, suggesting rising farmer confidence as they seek financial support to invest in their operations and purchase equipment like trucks through tenders from the Fiji Sugar Corporation.
Dr. Vinesh Kumar, Permanent Secretary for Multi-Ethnic Affairs and Sugar Industry, added that the fund represents a valuable alternative for farmers looking to expand their operations. He emphasized that the increasing loan amounts reflect not only farmers’ confidence in their repayment abilities but also a belief in the systems and government-backed policies supporting the sugar industry.
The optimism surrounding this expansion is further underscored by historical data that shows the fundamental role of the Sugar Cane Growers Fund in supporting Fijian agriculture. Over its decades of operation, the fund has transformed to meet the needs of farmers, aiding in comprehensive financial support spanning loan management and investment strategies.
Overall, this positive momentum in loan approvals signals not only a robust commitment to the sugar sector but also a hopeful outlook for the future of sugarcane farming in Fiji, where ongoing investment and support initiatives contribute to building resilience within the agricultural community.
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