St CROIX 116 King Street Frederiksted. VI 00860
t11
(340)113-6499 FAX (340) 773-7701
St THOMAS 8000 Nisky Shopping Center, Suite 620, St Thomas, VI 00002
(340)714-1700 FAX (340) 777-1103
UNITED
STATES
vRc:N
ISL4DS
Economic Development Authority www.uSVlEflA.org
NOTICE 2017-002
Virgin Islands Economic Development Bank
To:
Clients of the Virgin Islands Economic Development Bank
From:
Wayne L. Biggs, Jr.
Acting Chief Executive Officer
Copy:
USVIEDA Governing Board
Tracy Lynch Bhola, Esq., General Counsel
Sharmane Brookes, Director of Lending
Monique Samuel, Senior Loan Officer
Date:
September 13, 2017
Subject:
Hurricane Irma
— EBD Loan Payment Modification
St. Thomas/St. John District
On Tuesday, September 5, 2017, Governor Kenneth E. Mapp declared a state of emergency in
the U-S. Virgin Islands and on Wednesday, September 6, 2017, Hurricane Irma passed through
the Territory causing catastrophic damage. The Economic Development Bank of the United States
Virgin Islands (“EDB”) is committed to assisting businesses recover from this natural disaster,
EDB is offering its clients relief through the Disaster Assistance Program (“DAP”), which affords
borrowers the opportunity to extend their loan repayment terms by means of a short-term
forbearance period of four (4) months, September 2017 through December 2017 as follows:
•
For borrowers that have been impacted by Hurricane Irma and are suffering a
hardship due to the damages caused by that hurricane, EDB will extend a forbearance
of principal payments for the period September 1, 2017 through December 31, 2017-
•
Principal payments during the forbearance period will be added to the last payment
of the loan.
•
Borrowers shall continue to make all interest payments as per the terms and
conditions of the loan.
•
EDB shall waive all penalties and fees during the forbearance period.
In order to be eligible for DAP, the Borrower must comply with the following:
•
Loan must have been current on principal and interest as of the date of Hurricane
Irma.
•
Borrower must have suffered a hardship as a result of Hurricane Irma.
•
Borrower shall provide documentation of the hardship suffered as
a result of
Hurricane Irma.
•
Loan officer shall assess the financial hardship and determine whether it is temporary.
If the loan officer determines that the impact of the hurricane has caused a long-term
or permanent hardship to the business, the loan officer will evaluate alternatives for
a permanent restructure of the loan as per EDB policy.
For business with loans that were delinquent prior to September 6, 2017 and suffered damages
and additional hardship due to Hurricane Irma, those loans will be analyzed for a permanent
restructure as per EDB policy.
All requests for forbearance agreements must be submitted to EDB for approval. Eligibility for
DAP will be solely for borrowers that request assistance on or before December 31, 2017.