TechInPacific – The marketing department of Vanuatu Rural Development Bank (VRDB) confirmed the launch of business loans geared toward small businesses and farmers on Monday (10/01).
The offered loan ranges from VT50,000 (USD440) up to VT3 million (USD26K), can be repaid in monthly term with a 4% interest rate.
Agriculture farmers in livestock, fisheries, and forestry services will be one of VRDB target programs, along with value-adding services, including services (tourism, retails), and other SMEs industries.
Small businesses applying for a land mortgage have to ensure that they’re dealing with registered lands, and property charges will be applied in offered products according to VRDB. Meanwhile, Government also takes the land as a guarantee.