Apenisa Waqairadovu 
Hundreds of women in micro and small enterprises are set to benefit from a new loan facility supported by a $4 million boost from the Asian Development Bank.
Merchant Finance Limited’s Women’s MSEs product, backed by ADB, will dedicate 75 percent of its funding to women in business.
Merchant Finance Ltd CEO Veilawa Rereiwasalia says the initiative was developed after recognizing a lack of funding opportunities for women to expand their businesses.
He adds that the new product will provide much-needed financial support to help women entrepreneurs grow and scale up their enterprises.
“It’s up to seven years. We have an interest rate of 9.49 percent. This week we checked the rates across the market. We see that this is the cheapest apart from the Fiji Development Bank. The only one that had a better pricing is the Fiji Development Bank.”
The facility offers a maximum loan of $500,000 and is targeted at businesses that have been operating for at least a year.
ADB’s Pacific Subregional Office Regional Director, Aaron Batten, says the ADB recognizes the unique challenges faced by women entrepreneurs in Fiji, including difficulties in accessing financing, resources, and networks.
“The new MFL product launched today can help address these barriers and unlock the potential of women entrepreneurs to support themselves, and their families, and contribute to the long-term growth of the Fijian economy.”
Batten adds that the collaboration with Merchant Finance Ltd is built on a shared vision of supporting women entrepreneurs in the country.
Fiji has over 5,000 women operating in the MSE sector.
