Bahamas Development Bank Offers Deferral of Loan Payments for Borrowers Impacted by COVID-19

Dave Smith – Director

The Bahamas Development Bank (BDB) is working with the government and other agencies to deliver immediate relief to businesses impacted by the COVID-19 pandemic. At this time, a three- month deferral against repayment of credit facilities will be offered to existing clients in good standing with The Bank who have been negatively impacted by the pandemic. While we anticipate payments to resume with accrued interest by the end of June 2020, we recognize that significant uncertainty exists regarding the duration of measures to ensure health and safety. 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 to discuss their accounts as soon as possible. 

Additionally, the process time for clients seeking lending through the government’s small business loan relief program is four (4) working days. We encourage business owners to access this assistance through the Small Business Development Center (SBDC) website at beginning on the 25th of March, 2020. 

For over 40 years, The Bahamas Development Bank (BDB) has helped Bahamian entrepreneurs in tourism, agriculture and manufacturing and other sectors as a catalyst for economic development. BDB, as the national development bank recognizes that the country will need bold thinking and focused action to fully recover financially from this crisis. The Bank remains committed to building resilience and diversity within Bahamian industry though investments in the Green, Orange and Blue Economies. Specific attention will continue to be given to the agricultural and manufacturing sectors as this crisis has highlighted the need for greater self-sufficiency. We will encourage and invest in Bahamian innovation through our sectoral development programs in collaboration with our partners in government and the private sector. 

We will continue to provide updates on our social media platforms and in the press as new information emerges. We wish the best to you and your families.