Felix Chaudhary 
The Sugar Cane Growers Fund today announced an interest rate reduction on all Business Link Pacific loans from 5 to 3.5 per cent.
The facility, extended to all Fijian cane farmers from 23rd May 2022, is aimed at providing them access to funds to diversify their income base.
The loans range from $1000 to $30,000 – based on their cane production and one of the conditions of the loan is that the farmer must register and operate as a business.
The BLP concessional loan programme was implemented by DT Global
in its capacity as Managing Contractor of the Pacific SME Finance Facility Pilot programme.
DT Global has partnered with SCGF to deliver funding on behalf of the Ministry of Foreign Affairs and Trade (MFAT) under a New Zealand international aid and development programme by making wholesale capital accessible to small and medium size cane growers/ business enterprises (SME’s) operating in the cane belt area of Fiji, at concessional loan rates.
SCGF chief executive officer Raj Sharma says the actual interest rate is 4.5 per cent, however, one percent is subsidised by BLP.
He acknowledged BLP’s efforts, saying they were not only committed to loan funding but also to assisting the capacity-building of the SCGF and its customers too. His comment comes after BLP Consultant- Vandhana Sharma of Thinkbiz is out in the north to conduct training for SCGF and its customers.
Sharma said she was impressed with the basic financial understanding of farmers but feels that training and awareness would help farmers to better manage their finances.
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