Access to finance, a challenge for SMEs in Fiji
This week the Fiji Export Council (FEC) sheds light on a major challenge faced by small medium enterprises (SMEs), which is access to finance.
After reviewing workshops and seminars conducted by the FEC over recent years on export readiness, one of the biggest challenges for development raised by SMEs in Fiji is the availability of finance.
According to the Fiji Export Council, the vast majority of our SME members state that the basic deterrent in developing their business was the lack of availability of loans and credit from the banks they approached.
Financial institutions are hesitant to provide the much needed funds to new and existing businesses as there's a high risk of failing, and there is no revenue generation to service any debt.