A person who suffered loss during hurricanes and can be sued for residential or commercial damages can access guarantee loans at a concessionary interest rate at a commercial bank. The loan cannot exceed BS$250,000 and must be repaid within 10 years.

Eligibility 

Natural disaster victims who are Bahamian Citizens and 18 years or older.  

Process 

1. Applicants must submit their application to the local bank.  The bank will determine whether or not they will apply for this guarantee on behalf of the person.  A private citizen cannot apply directly to the government for guarantee because the application must come from an approved lender.
2. The bank submits the completed application form along with required documents:
   1. Loan Application
   2. Completed Authentication of Damage Form
   3. Proof of Citizenship
3. The application is processed by the Ministry of Finance and once approved, an Undertaking to Guarantee is returned to the bank with a request for the bank to submit the following documents:
   1. Payment of Processing Fee
   2. Life insurance policy with the government as the beneficiary
4. The bank must submit a Request for Guarantee Loan Policy application form along with the requested documents to the Ministry of Finance.
5. Once all documentation requirements are satisfied, the Ministry of Finance provides a Guarantee Loan Policy
6. The bank will then issue the loan to the borrower.

Application Form(s) 

• Request for undertaking to Guarantee
• Request for Guarantee Loan Policy

Supporting Documents 

• Request for undertaking to Guarantee:
  • Loan Application
  • Completed Authentication of Damage Form
  • Proof of Citizenship
• Request for Guarantee Loan Policy:
  • Payment of Processing Fee
  • Life insurance policy with the government as the beneficiary

Turn-around time

The request is processed within two weeks from the date of submission of a completed application and all supporting documents.

Deadline

The request for loan guarantee policy should be made within 90 days of the issuance of the undertaking to Guarantee. Note that the undertaking to guarantee may be cancelled if the request for guarantee loan policy is not submitted within 90 days.

Related Fee(s) 

2% of the Loan amount.

For more information please contact 

The Financial Secretary 
3rd FL. Cecil Wallace-Whitfield Centre ,Cable Beach ,P. O. Box N 3017 ,Nassau ,New Providence ,The Bahamas 
Office Hours: 9 a.m. – 5 p.m.