TLTB Assists the Soqosoqo Vakamarama in Navutulevu, Serua
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31st July, 2024
Over the past 12 months, the Board has launched various initiatives aimed at economically empowering our landowners.
One such groundbreaking initiative is the establishment of the Taukei Development Fund Facility (TDFF) which was offered to 10 individuals (including a woman and landowning unit groups).
Minister for iTaukei Affairs and Chairman of the TLTB Board of Trustees Hon. Ifereimi Vasu handed over the loan package to the first batch of successful applicants on Wednesday 31 July 2024.
“To the recipients, it is important for you to understand that this is not free money. You must ensure that you make your repayments when they are due or even before that. These advances have securities attached to them, and if you fail to honour the agreement we have signed, the Board will take appropriate actions to ensure these funds are repaid,” Hon. Vasu added.
The TDFF 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.
With a total budget allocation of $5 million, the TDFF is designed to empower landowners in effectively utilizing their land and resources, thereby fostering economic growth and enhancing the well-being of the iTaukei people.
The facility operates under two main allocations:
• $4 million for landowning units (LOU)
• $1 million for individual members of these LOUs
The $4 million allocation is accessible to Landowning Units with valid Trust Accounts, allowing them to repay advances through lease and license proceeds.
This advance Fund Facility provides capital for development initiatives under the following conditions:
• An interest rate of 2.5% on advanced funds
• A repayment period of two years
• A maximum advance amount of $30,000
Stringent eligibility criteria have been established to ensure the funds are utilized for sustainable and viable business activities, including:
• Land and Resource Development Associated Costs (e.g., access construction, Environmental Impact Assessment (EIA), survey, engineering costs, regulatory expenses)
• Property Development and Renovations
• Working Capital
• Purchase of specialized equipment for business purposes
• Farming (access, machinery, farm equipment, nursery, livestock breed)
• Eco-Tourism (EIA, survey, renovation & upgrading, expansion of development, transportation, beautification & landscaping, digital marketing)
• Small businesses
Since the roll-out of this facility, TLTB has received 63 applications, with 19 meeting the eligibility criteria and ready to receive support.
Applicants must present strong business cases with viable and sustainable business plans to qualify for assistance.
Priority will be given to projects that promote income generation, job creation, and entrepreneurship among individual landowners.