Ten iTaukei-owned businesses were given their funding offer letters yesterday by the iTaukei Land Trust Board under its iTaukei Development Fund Facility initiative, inaugurating the service of the new loans facility.
“This fund represents an expansion of TLTB services beyond traditional lease processing and distribution, providing our landowners with essential access to capital for development projects and economic ventures,” TLTB chair and Assistant Minister for iTaukei Affairs Ifereimi Vasu said while officially presenting the offer letters and agreements to successful applicants yesterday.
“The TDF, with a total budget allocation of $5million, is designed to empower landowners in effectively utilising their land and resources, thereby fostering economic growth and enhancing the well-being of the iTaukei people.”
He said the facility operates under two-main allocations: $4million for landowning units and $1m for individual members of these LOUs.
The $4m allocation is accessible to Landowning Units (LOU) with valid Trust Accounts, allowing them to repay advances through lease and license proceeds.
The $1m allocation will cater for individual members of the LOUs to help them advance their community’s economic development.
Mr Vasu said since the rollout of the facility, TLTB has received 63 applications with 19 meeting the eligibility criteria and ready to receive support.
The facility functions as an Advance Fund Facility, providing capital for development initiatives under the following conditions:
- An interest rate of 2.5 per cent on advanced funds.
- The repayment period of two years.
- A maximum advance amount of $30,000
