BASSETERRE, St. Kitts – CITIZENS of St. Kitts and Nevis who would have graduated from college or university over the last four years are set to benefit from a collaborative loan programme between the Sugar Industry Diversification Foundation (SIDF) and the St. Kitts-Nevis-Anguilla National Bank. National Bank.
The programme was launched on Friday (Jul. 4) in the Dominican Room at the St. Kitts Marriott Hotel.
In her explanation of the programme to about 100 applicants, National Bank’s Chief Executive Officer Dawne Williams stated that it is broken down into three categories and provides funding for persons who would have graduated within the stipulated time and have an outstanding student loan.
The categories, she noted, carry various loan amounts and interest rates ranging from five to six percent per annum for 30 years, and they are: The Graduate Relief Assistance Student Programme (GRASP); Fund for the Realisation of Economic Empowerment through Subsidised Housing (FRESH); and the Housing Enhancement Loan Programme (HELP).
According to the CEO, “the Graduate Relief Assistance Student Programme is designed to promote youth empowerment through the acquisition of first time property.
“Funds for the Realisation of Economic Empowerment through Subsidised Housing was developed to assist lower to middle income household in home acquisition through new construction. Persons who qualify for a FRESH loan will be able to redirect their monies now paid for rent to mortgage. FRESH would stimulate the economy.”
And HELP, she explained, is geared at filling a gap within the market which would assist individuals to repair, remodel and renovate their homes.
“Purchasing a home is the largest single investment most of us will ever make in our lifetime. We therefore expect the investment to last a lifetime. HELP is designed to provide affordable loans to qualify applicants who wish remodel, renovate or repair their homes,” she added.
According to the CEO, all categories of the programme are expected to stimulate the economy in one way or the other, whether it is job creation or increase input into the construction sector.
Williams noted that the National Bank and the SIDF are working to develop the lives of persons living within the Federation and declared that it gives her great pleasure to be a part of this initiative .
“I am delighted to be a part of this life changing initiative and to have the opportunity to partner with SIDF at advancing three extremely innovative loan programmes.”
Chief Executive Officer of SIDF Terrance Crossman explained in detail how the three programmes work, while noting that the economy’s growth is not only measured by the goods and services produced, but also by the “improvement and quality of life of the people within the economy”.
He added that the programmes were designed by SIDF to provide easy access to residential mortgages for persons interested in accessing them.
SKNVibes understands that the GRASP loans are geared at assisting students to refinance their student loans and to construct a home of their choice and design.
Under this programme one can access a loan up to $500 000 and within that amount they can purchase a vehicle not exceeding $50 000 and acquire a plot of land.
The Graduate Relief Assistance Student Programme carries with it a six percent interest rate over 30 years.
The FRESH programme, launched in 2012, provides one the opportunity to borrow up to $500 000 with a five percent interest over 30 years and caters for individuals who are constructing homes for the first time and also those with ongoing construction.
It was noted that these homes should be constructed for residential purposes and not for commercial use.
And HELP, which has also been around since 2012, is geared for persons who are carrying out renovation and repairs on their homes.
This programme provides a maximum loan guarantee of $100 000 with a six percent interest not exceeding 10 years.
Several organisations have partnered to make the initiative possible. They are FINCO, Development Bank, Nevis Cooperative Credit Union, St. Kitts Cooperative Credit Union and the Bank of Nevis.
