The Tribune

The Bahamas Development Bank (BDB) has joined the list of financial institutions offering a three-month loan repayment deferral to clients who are current on their credit facilities.

Unveiling its response to the COVID-19 pandemic, the government-owned lender said that while it expects borrowers to resume making repayments - together with accrued interest - by June 2020, this timeline will potentially have to be reassessed.

“We recognise that significant uncertainty exists regarding the duration of measures to ensure health and safety,” the Development Bank said in a statement. “The leniency period will therefore be examined on a case-by-case basis.

“Clients who are experiencing reductions in cash flow that may impede the ability to make payments are encouraged to call BDB at 727-2202 or email covid-19@bdb.gov.bs to discuss their accounts as soon as possible.”

The Development Bank also encouraged clients facing repayment difficulties to seek assistance from the $20m Business Continuity Loan initiative unveiled by the government. This programme, administered by the Small Business Development Centre (SBDC) through its website at http://www.accessaccelerator.org, aims to provide capital to successful applicants within five working days.

Acknowledging that The Bahamas “will need bold thinking and focused action to fully recover financially from this crisis”, the Development Bank said it will give “specific attention to the agricultural and manufacturing sectors” with its future lending “as this crisis has highlighted the need for greater self-sufficiency”.

“We will encourage and invest in Bahamian innovation through our sectoral development programmes in collaboration with our partners in government and the private sector,” it added.