Development Bank responding to needs of students adversely impacted by COVID-19

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Basseterre, St. Kitts, May 1, 2020 (DBSKN) — The Development Bank of St. Kitts and Nevis, Federation’s leading financial institution in student loans, is implementing a new fiscal initiative which includes emergency soft loans up to USD$10,000 that is aimed at assisting Federation’s students adversely impacted by the effects of COVID-19.

 

“Development Bank of St. Kitts and Nevis will in the first instance expedite any disbursement request for existing students even if they may have obtained their quota of funds for the current year,” said Mr Lenworth Harris, Chief Executive Officer.

 

Students, who are clients of the Development Bank of St. Kitts and Nevis and have pressing financial needs as a result of being adversely impacted by effects of COVID-19, may make application for emergency loans up to USD$10,000.00 that will be offered at three per cent per annum.

 

Due to the urgent nature of the need and the prevailing conditions brought about by the COVID-19 pandemic, the bank will relax some of its lending protocols and will allow students to make the requests online.

 

“The Development Bank of St. Kitts and Nevis will expedite the requests,” assured Mr Harris. “This may entail forgoing certain requirements for the next three months if this will cause undue delay given the world-wide lockdown policies.”

 

All Development Bank of St. Kitts and Nevis managers, at the head office in Basseterre located at the corner of Church and Central Streets, and the branch office in Stoney Grove in Nevis have been briefed and are ready to serve both the local and overseas based students at short notice.

 

“The Development Bank of St. Kitts and Nevis has since its inception provided assistance to our students aspiring for higher education both at home and abroad,” said CEO, Mr Lenworth Harris. “The Bank’s quick response to COVID-19 impact on students currently studying both at home and overseas is based on the bank’s long history of dealing with our students.”

 

Mr Harris added: “The most important resource in our Federation is its people and we cannot abandon our students at their greatest time of need. At the Development Bank of St. Kitts and Nevis we make sustained positive impact on people’s lives and we stand ready to help all our clients overcome the negative effects of the COVID-19 pandemic.”

 

This new initiative by the Development Bank of St. Kitts and Nevis is over and above the loan repayment moratorium for six months’ period and the waiver of all applicable late fees and charges to support its customers who are impacted by the loss of income due to COVID-19 that were announced by Prime Minister Dr the Hon Timothy Harris on March 24 when he rolled out a 17-point $120 million fiscal and economic stimulus package.