The Reserve Bank of Fiji has today announced the introduction of its Flood Rehabilitation Facility and has set aside $20 million to assist businesses struggling to recover from the recent floods.

RBF Governor Savenaca Narube revealed that the funds will be made available through commercial banks and the Fiji Development Bank and will only be available to businesses affected by the January floods.

Businesses can apply for the loan for replacement of flood damaged inventory, loss of sales, including working capital due to the flood, repair or replacement of flood damaged plant, equipment and machinery, restoration of flood damaged buildings including resorts and hotels and replacement of business vehicles.

Narube said this will allow affected businesses to obtain credit at concessionary rates and complement initiatives already offered by commercial banks.

The maximum interest rate to be charged to eligible customers will be 6 percent per annum and the term for the loan under this facility will be a minimum 6 months with the possibility of extension.