Praneeta Prakash 
CEO Sugar Cane Growers Fund Mr. Raj Sharma
The Sugar Cane Growers Fund has announced reduction of interest rate on all Business Link Pacific loan from five percent to 3.5 percent.
This rate came into effect from yesterday, SCGF Chief Executive Officer Raj Sharma says actual interest rate is 4.5%, however, one percent is subsidized by BLP and this is provided until such time the subsidy is available and once the rebate finishes, it will revert to 4.5%, which is still very competitive.
Sharma says some farmers have taken advantage of this product and have set up a business to support the family.
Sharma acknowledged the efforts of BLP, where it is not only committed to loan funding but also assisting the capacity building of SCGF and customers too.
The BLP Concessional Loans program is implemented by DT Global in its capacity as Managing Contractor of the Pacific SME Finance Facility Pilot programme.
DT Global have partnered with Sugar Cane Growers Fund to deliver funding on behalf of the Ministry of Foreign Affairs and Trade under a New Zealand international aid and development programme by making wholesale capital accessible to small and medium size cane growers, business enterprises operating in the cane belt area at concessional loan rates.
The facility is extended to all Fiji sugar cane growers.
The loan ranges from $1000 to $30,000 based on the cane production matrix, and it also caters to supplement the sugar cane farming industry as a business.
One of the conditions of the loan is that the farmer must register and operate as a business.
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