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HomeNewsLocal governmentEconomic Development Bank Launches Loan Amnesty Program

Economic Development Bank Launches Loan Amnesty Program

The Virgin Islands Economic Development Authority (VIEDA) through its subsidiary entity, the Economic Development Bank (EDB), has announced the launch of its ‘Loan Amnesty Program 2016’ for all Economic Development Bank (EDB) delinquent borrowers. This program will be in effect from March 15 through Sept. 15, according to a press release issued on Thursday by VIEDA.
The purpose of the program is to offer clients of the former Government Development Bank (GDB) and Small Business Development Agency (SBDA), now referred to as the EDB, an opportunity to resolve their outstanding loan obligations before legal action is taken. This is the second time VIEDA has launched this amnesty program to assist EDB delinquent borrowers in the U.S. Virgin Islands.
The following are the conditions and limitations of the Loan Amnesty Program 2016:
Delinquent accounts with loan principal balances “Paid-In-Full” by Sept. 15, 2016, will be granted a 100 percent discount on accrued interest and late fees up to and including the date of said payment(s); and
Delinquent accounts with loan principal balances paid by at least 50 percent by Sept. 15 will be granted a 50 percent forgiveness on accrued interest and late fees up to and including the date of said payment(s);
New debt re-payment schedules may be created by the EDB for borrowers.
Other conditions may apply.
Delinquent borrowers can make payments to VIEDA at the following locations:
8000 Nisky Shopping Center, 2nd Fl., Suite 620, St. Thomas, U.S. Virgin Islands 00802
or 116 King St., Frederiksted, St. Croix, U.S. Virgin Islands 00840
For more information on the bank’s “Loan Amnesty Program 2016,” contact the EDB on St. Croix at 773-6499 or on St. Thomas at 714-1700.
 

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