The Bank of St. Vincent and the Grenadines has announced a Customer Support Programme to assist loan customers affected by Hurricane Beryl, which has recently wreaked havoc across the Grenadines and parts of the mainland.
In response to the widespread damage and economic disruptions caused by the storm, the bank is offering a six-month loan deferral for principal and interest payments. This moratorium, effective from July 1, 2024, through December 31, 2024, will benefit both personal and business loan customers directly impacted by the hurricane.
According to the bank, eligible customers include those with loans from the bank’s southern Grenadines branches in Canouan and Union Island, as well as individuals and businesses in the northern Grenadines and mainland areas who have experienced damage, income loss, or employment reduction due to the storm.
Due to communication difficulties, the bank has already suspended payments for customers in Canouan and Union Island. Requests from customers in other affected areas are being processed as they are received.
For customers whose jobs or businesses remain unaffected, regular loan payments should continue as per the original terms. However, the bank will review requests for assistance from those whose disposable income has been indirectly affected by job losses within their immediate or extended families.
The deferral program will extend loan maturity dates by up to six months, and deferred payments will be incorporated into the restructured loan terms at the end of the moratorium period. BOSVG noted that customers with loans already in arrears exceeding ninety days as of July 1, 2024, will not be eligible for this program.
