The Sugar Cane Growers Fund (SCGF) has announced a substantial decrease in interest rates for all Business Link Pacific (BLP) loans, reducing the rate from 5% to 3.5% effective immediately. SCGF Chief Executive Officer Raj Sharma highlighted that while the official interest rate is set at 4.5%, a subsidy provided by BLP absorbs an additional 1% until funding is exhausted, creating a particularly attractive opportunity for farmers.
Sharma remarked on the beneficial impact this rate reduction will have, with many farmers already utilizing these loans to establish supportive businesses for their families. The BLP loan program, which was launched on May 23, 2022, offers financial support ranging from $1,000 to $30,000, provided that farmers position their farming operations as a business.
This initiative is managed by DT Global, serving as the Managing Contractor under the Pacific SME Finance Facility Pilot Programme, in partnership with New Zealand’s Ministry of Foreign Affairs and Trade. The collaboration facilitates access to crucial capital for small and medium-sized enterprises in the sugarcane sector, thereby stimulating economic growth.
In addition, efforts are underway to strengthen the sector through capacity-building programs that include training sessions aimed at enhancing farmers’ financial management skills. This comprehensive support not only symbolizes significant backing for the sugarcane farming community in Fiji but also seeks to bolster economic resilience and promote sustainable agricultural practices.
The reduction in interest rates, alongside ongoing support and training, marks a hopeful advancement towards empowering local farmers, fostering growth in their businesses, and reinforcing Fiji’s agricultural economy. This proactive approach illustrates a commitment to enhancing the livelihoods and futures of sugarcane farmers in the region.
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