Bahamas : Emergency Relief Guarantee Programme
Name of the Organization : Ministry of Finance
Type of Facility : Emergency Relief Guarantee Programme
Country : Bahamas
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Website : https://www.bahamas.gov.bs/wps/porta…vZ0FBIS9nQSEh/
Bahamas Emergency Relief Guarantee Programme
A person who suffered loss during hurricanes and can be sued for residential or commercial damages can access guarantee loans at a concessionary interest rate at a commercial bank.
Related : Bahamas Ministry of Finance Assessment of Real Property : www.statusin.org/6400.html
The loan cannot exceed BS$250,000 and must be repaid within 10 years.
Eligibility :
Natural disaster victims who are Bahamian Citizens and 18 years or older.
Process :
Applicants must submit their application to the local bank. The bank will determine whether or not they will apply for this guarantee on behalf of the person. A private citizen cannot apply directly to the government for guarantee because the application must come from an approved lender.
The bank submits the completed application form along with required documents:
** Loan Application
** Completed Authentication of Damage Form
** Proof of Citizenship
The application is processed by the Ministry of Finance and once approved, an Undertaking to Guarantee is returned to the bank with a request for the bank to submit the following documents:
** Payment of Processing Fee
** Life insurance policy with the government as the beneficiary
The bank must submit a Request for Guarantee Loan Policy application form along with the requested documents to the Ministry of Finance.
Once all documentation requirements are satisfied, the Ministry of Finance provides a Guarantee Loan Policy
The bank will then issue the loan to the borrower.
Application Form(s) :
** Request for undertaking to Guarantee
** Request for Guarantee Loan Policy
Supporting Documents
Request for undertaking to Guarantee:
** Loan Application
** Completed Authentication of Damage Form
** Proof of Citizenship
Request for Guarantee Loan Policy:
** Payment of Processing Fee
** Life insurance policy with the government as the beneficiary
Turn-around time :
The request is processed within two weeks from the date of submission of a completed application and all supporting documents.
Deadline :
The request for loan guarantee policy should be made within 90 days of the issuance of the undertaking to Guarantee. Note that the undertaking to guarantee may be cancelled if the request for guarantee loan policy is not submitted within 90 days.
Related Fee(s) :
2% of the Loan amount.
For more information please contact :
The Financial Secretary
3rd FL. Cecil Wallace-Whitfield Centre
Cable Beach
P. O. Box N 3017
Nassau
New Providence
The Bahamas
Office Hours: 9 a.m. – 5 p.m.
About Us :
The Bahamas extends 760 miles from the coast of Florida on the north-west almost to Haiti on the south-east. The group consists of 700 islands and 2,400 cays with an area of 5,358 sq. miles (13,878 sq. km.). Thirty of the islands are inhabited.
The principal islands include Abaco, Acklins, Andros, Berry Islands, Bimini, Cat Island, Crooked Island, Eleuthera, Exuma, Grand Bahama, Harbour Island, Inagua, Long Island, Mayaguana, New Providence (where the capital, Nassau, is located), Ragged Island, Rum Cay, San Salvador and Spanish Wells.