Micro-Business Assistance

FNPF members’ who are 50 to 54 years old; have a minimum General Account balance of $1,035 and are affected due to COVID-19, can apply for the micro-business assistance.

This withdrawal scheme opened on Monday, 11 October 2021.

Members can access micro-business assistance for the following:

1. Direct Assistance

   Funds will be paid to the member directly.

   1. 1. Start Up – to fund the set-up of a business venture that is viable and can generate income for the member.
      2. Other Business Related Needs – to fund a business venture that is already in operation.

2. Indirect Assistance

Funds applied are paid directly to a member nominated third party. Members can access this assistance through the licensed banks or lenders.

1. 1. 1. 1. Equity Contribution – to contribute towards a business loan or debt reduction with your Bank or other Financial Institution for new or existing micro-business. The member must be the owner of the microbusiness.

The approved financial / credit institutions licensed by the Reserve Bank of Fiji are:

Qualifying Conditions

You can apply for micro-business assistance if you:

1. 1. are a voluntary or compulsory member
   2. are 50 to 54 years old
   3. have a minimum General Account balance of $1,035
   4. have a business (new or existing) with an annual gross turnover of $50,000 or less.
   5. are affected by COVID-19 (reduced hours, reduced wage rate or unemployed)
   6. qualify for the FNPF COVID-19 withdrawal assistance (Phases 2, 3, 4 or Voluntary Relief).
   7. have an existing micro-business that suffered losses as a result of the COVID-19 pandemic.

Entitlement

Members apply for a minimum of $1,000 and a maximum of $10,000 depending on their General Account balance.

What documents will I need to submit with this application?

Direct Assistance – Start Up

The member must submit the following documents when applying on the myFNPF app:

1. Completed Application Form EWMB01 (Name of Form?)
2. Birth Certificate (only if your last FNPF withdrawal was before November 2014).
3. Confirmation of unemployment or reduced hours/wage (letter from employer) for members affected by COVID-19 in the last six (6) months and had not applied for Phase 2 or 3.
4. Joint FNPF/FRCS ID Card (TIN letter for Company’s)
5. For start-ups, complete projected income and expenses for the year 2021 or 2022 on the form
6. Certificate of Business Registration (for market vendors, taxi drivers or those where business registration is not given, these can include permits, approval from local authority, letter from town/city council, etc).
7. Documentary evidence of ownership for partnerships (company search at Registrar of Companies to show member is owner of business). Not needed for sole ownership.
8. Member’s/Business Account bank statement – to show account is open and active.

Direct Assistance – Other business related needs

The member must submit the following documents when applying on the myFNPF app:

1. Birth Certificate (only if your last FNPF withdrawal was before November 2014).
2. Confirmation of unemployment or reduced hours/wage (letter from employer) for members affected by COVID-19 in the last six (6) months and had not applied for Phase 2 or 3.
3. Joint FNPF/FRCS ID Card (TIN letter for Company’s)
4. Financial statement for the year 2019 or 2020 or total income and expenses or bank statement for 2019 or 2020.
5. Certificate of Business Registration (for market vendors, taxi drivers or those where business registration is not given, these can include permits, approval from local authority, letter from town/city council, etc)
6. Documentary evidence of ownership for partnership (company search at Registrar of Companies to show member is owner of business). Not needed for sole ownership.
7. Tax Registration for Registered Business where applicable.
8. Member’s/Business Account bank statement – to show account is open and active.

Indirect Assistance – Equity Contribution or debt reduction

The member must submit the following documents to the bank or lender:

1. Completed COVID-19 Micro-Business Assistance application form.
2. Birth Certificate (only if your last FNPF withdrawal was before November 2014).
3. Joint FNPF/FRCS ID Card (TIN letter for Company’s)
4. Bank Loan Offer Letter for micro-business
5. Business loan account statement for debt reduction
6. Confirmation of unemployment or reduced hours/wage (letter from employer) for members affected by COVID-19 in the last six (6) months and had not applied for Phase 2 or 3.

Submission Modes

Must can submit their application online through the:

1. myFNPF app – for micro-business Start Up and Other Business Related Withdrawals
2. Bank / Lender – for micro-business Equity Contribution

Processing Time

Complete applications with all the required documents will be processed and paid out within ten (10) working days.

Payment Mode

All payments will be made by electronic funds transfer (EFT).

1. Start Up and Other Business Related Withdrawals – funds will be processed to the members’ bank account only.
2. Equity Contribution – funds will be paid to your lender/ financial institution directly.

Payment Frequency

The payment will be made as follows:

1. Start Up and Other Business Related Withdrawals
   1. Up to $2,000 – lump sum payment
   2. More than $2,000 – will be paid in two equal instalments – 50% will be paid in the first instalment. The member must then provide receipts on the use of funds paid in the first instalment within 3 months from payment date in order to get the 2^nd Upon verification of evidence provided, the remaining 50% will be paid out within 3 working days. If you do not submit the receipts within 3 months, your application will be terminated.

2. Equity Contribution – lump sum payment to your bank / lender.

How many times can I access funds from my General Account for this assistance?

You can lodge a maximum of two (2) applications provided you satisfy all of the following;

1. 1. submit your receipts for the last instalment you received on your first application,
   2. have sufficient GA balance within the $1,000.00 (minimum) and $10,000 (maximum),
   3. have not reached the maximum withdrawal limit of $10,000 in your last application and
   4. the micro-business assistance is for the same business you initially applied for.

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