The Fiji Development Bank’s (FDB) newly-launched facility for women entrepreneurs has garnered great popularity with the Bank receiving over 1000 applications in 25 days.

The total value of applications for the FDB Loan for Women Entrepreneurs product stands at $3.9 million.FDB is processing these applications and the Bank is happy to share that we have started to disburse the approved amounts.

According to entrepreneur Sera Vakalagilagia, the facility is timely and a great initiative to assist female-owned businesses.

She said this targeted initiative “is like a capsule that would give the much-needed boost to women entrepreneurs to expand and make their businesses top-notch”.Vakalagilagia operates Blush Boutique through Facebook and Instagram, an online business specializing in women’s and kids clothing.The mother of two started the business during the peak of COVID-19 with a savings of $400 and the faith to become a successful entrepreneur

.On the 1^st anniversary of her business, Vakalagilagia is ready to further expand her venture through FDB’s loan facility for women entrepreneurs.“My husband operates refrigeration and air-conditioning business which really slowed down because of COVID-19. It became difficult to cater to our expenses since my children are schooling and we are also renting.

Hence, my decision to set up an online business, which would save us shop rental costs and will enable me to assist my husband with the expenses,” she said.

“After creating Facebook and Instagram accounts, I started taking preorders and to my surprise this venture picked up quite well and even with the impact of COVID-19, my business continued to make progress in terms of the increase in the number of customers as well as the preorders.”

The current online supplier that Vakalagilagia orders from does not have shipping charges when a certain amount is spent. However, to provide her customers with a variety of clothing styles, she is now looking to engage with other suppliers.

This will attract significant shipping costs.“The loan from FDB under this facility will assist in buying more stock and cater to the shipping costs as well. Thanks to FDB, I am able to give my customers more options with very little cost.”

“The flexible requirements of the loan facility make it easier for us women to apply for this,” she added.Features of FDB Loan for Women Entrepreneurs

• MSME Women entrepreneurs operating as sole traders, joint ventures and partnership businesses who have been operating a registered MSME business for more than 6 months are eligible to apply.
• The purpose of the loan can be for working capital needs and or expansion of business.
• Minimum loan of $1,000 to $5,000 with a maximum loan term of 3 years.
• No Equity and Security contribution.

The application for the facility is still open and interested entrepreneurs can visit the FDB website www.fdb.com.fj to apply.