Merchant Finance and Ministry of iTaukei Affairs Partner to Support iTaukei Businesses

The Ministry of iTaukei Affairs and Merchant Finance Pte Limited have signed a Memorandum of Understanding (MoU) to provide government-funded interest subsidies for loans to iTaukei resource owners, supporting financial inclusion and economic empowerment.

Permanent Secretary for iTaukei Affairs, Mr. Pita Tagicakirewa, emphasized the importance of private-sector partnerships in creating economic opportunities.

As part of this initiative, Merchant Finance launched Vanua Finance, a unit managing the interest subsidy scheme to support investments in land subdivision, resource extraction, tourism development, and commercial property investment.

From July to December 2024, Merchant Finance provided $11 million in loans to 104 iTaukei-owned businesses, with 19 loans under the subsidy scheme and seven approved, totaling $329,217.63, funding projects such as four land subdivision developments (90 lots), a renewable energy initiative in Lau Province, and two tourism projects.

Merchant Finance is awaiting approval for 12 more loans and preparing the next subsidy request for March 2025.

With specialized financial products like the Land Subdivision Loan and MSME Loan, Merchant Finance continues to empower iTaukei businesses, ensuring sustainable growth through regular monitoring and evaluation of subsidy funds.