Development Banking can be defined as medium to long term financial and credit services provided tothe productive sector to assist with building underdeveloped markets and developing the national economy.
The main focus of the Bank of Saint Lucia’s Development Banking services is to facilitate and promote development in the Agricultural, Fishing, Agro Processing, Commerce, Industrial and Tourism sectors. Its mandate also includes other areas of social development such as housing, the arts, services and manpower training.
The Bank provides credit facilities for all the abovementioned activities to assist in the overall improvement ofsocial and economic activity in Saint Lucia. Such financing is usually of a medium to long-term duration and includes productive loans for the self-employed unincorporated businesses and any other legitimate service intended to generate income, provide employment or earn foreign exchange.
Customers choosing this type of financing can usually benefit from:
- More flexibleLoan Terms – Interest rates and repayment periods are usually more accommodating than commercial loans and can include moratoriums onloan repayments with interest capitalization for start up activities.
- Funding Assistance – Because some projects are subsidized, customers may not need to take a loan for the full value of the project. Customers can qualify for grants which could make up a substantial contribution towards the development project.
- Technical Assistance – Countries/Organizations who provide funding usually provide technical expertise to assist customers with the implementation of their projects.
- National Pride – Customers can feel a sense of pride knowing that they are contributing to the development of their island’s economy.
Further details of specific development sector:
Sign up for email updates
ABOUT SSL CERTIFICATES