The Fiji Development Bank (FDB) has launched two innovative loan products aimed at improving family welfare and boosting business growth throughout the nation. Finance Minister Esrom Immanuel highlighted how the FDB Choice Home Loan and the Revolving Working Capital Term Loan are key to expanding access to affordable financing for everyday Fijians.
The Choice Home Loan targets young families and long-standing FDB clients, as well as those without traditional payslips, to help them achieve their dreams of homeownership. Emphasizing the initiative’s importance, Immanuel stated, “We gather to reaffirm our commitment to a Fiji where every family can build a secure foundation, and every entrepreneur can realize their dreams.” The product particularly focuses on supporting women, youth, individuals with disabilities, and rural communities in their quest for stability and growth.
With this new offering, FDB is providing competitive interest rates starting at 3.99 percent, and for the first six months, there are no internal fees. Additionally, a special unsecured renovation loan is available for rural households to improve their homes without requiring collateral, significantly enhancing their living conditions.
Simultaneously, the Revolving Working Capital Term Loan is designed to offer flexible, renewable credit for businesses, assisting them with cash flow management, restocking, and ongoing operations. This product is particularly beneficial for transport operators, farmers, retailers, tourism operators, and the small businesses that are crucial to Fiji’s economy.
Immanuel reaffirmed the dedication of both the Fiji Government and FDB to ensure development financing reaches those who need it most, signaling a positive future for many families and businesses in Fiji. The introduction of these loan products marks a pivotal move towards enhancing economic resilience and empowering communities across the archipelago, fostering a hopeful atmosphere for growth and development.