13 Sep 2012

Cook Islands business board pleased with loan applications

11:13 am on 13 September 2012

In the Cook Islands, the Business Trade Investment Board's chief executive, Terry Rangi, says he's satisfied with the expressions of interest in the agriculture development loans which has now closed.

As part of the successful soft-loans scheme, agricultural entrepreneurs were invited to apply for a loan of between one thousand to two thousand US dollars to buy items related to the agriculture industry.

The Cook Islands news says the money is to be paid back with a 5 percent interest within 12-18 months.

A two-week window was scheduled for the loan, but the business surrounding the Pacific Islands Forum saw the chief executive extend the opportunity a further two weeks.

There were 60 initial inquiries and registrations for application forms and by last Friday's closing date 48 applications had been received.

Terry Rangi says the board is now going through the applications.