BVI: Gov’t to offer soft loans to struggling residents

By BVI News

(BVI NEWS) – Government said it will be offering low-interest loans to homeowners who are struggling to repair their residences.

Minister of Finance Dr D Orlando Smith said his National Democratic Party government is already engaged in talks with international banks to fund the initiative.

He made the announcement during a radio broadcast last evening, which comes months after offering loans to persons whose businesses were damaged or destroyed during the hurricanes.

“We are seeking to get low-interest loans for the larger volume [of residents]. It would be from one of the other banks; international banks with whom we are speaking at the moment.”

“Once that happens, as part of the programme which we are developing, we will be able to give more assistance in terms of soft loans and in terms of whatever else to either businesses or people who really can’t get their roofs back on because of financial difficulties,” Dr Smith said.

At the end of September, some 4,240 houses were reported damaged or destroyed during Hurricane Irma. More than 6,000 residents were also displaced.

The 2010 Population and Housing Census Report said the BVI has a population of 28,054.

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