Notice 2017002 Hurricane Irma EDB Loan Pmt Mod STTSTJ
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. …
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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.