BNB committed to helping lower- to middle-income bracket
Web Posted - Thu Apr 13 2006
By Randy Howard
THE Barbados National Bank (BNB) has once again shown its commitment to the development of the lower- to middle income brackets of the Barbadian population.
The financial organisation, which launched its Small Business Unit in April of 2004, has come together with the Barbados Small Business Association (SBA), in order to facilitate the coming into being of Fayewin Gardens, a housing project located at Oldbury, St. Philip, and initiated by a small businessman.
General Manager, Corporate & Commercial Credit at BNB, Sean Husain, highlighted the partnership arrangement formally established with the SBA in 2004, in conjunction with the Central Bank of Barbados. The aim of the partnership is to try to provide access to capital to small business entrepreneurs who would not have the necessary collateral to approach a financial institution to obtain financing, under the current terms and conditions set out for an existing business.
According to Husain, the partnership has worked wonders, with that particular segment of the banks portfolio continuing to increase significantly. He stated that they have been able to see, along with the SBA, several areas of success.
Aside from financing the acquisition and development costs of the Oldbury project, BNB would also like to be integrally involved in funding some of the purchases of properties there. The General Manger is hopeful that the low- to middle-income Barbadians would get an opportunity to purchase lots in the project.
To facilitate the latter, he made reference to BNB's Barbados Mortgage Finance Company Ltd. (BMFC), and their recently launched eight per cent ten-year fixed rate mortgage loan, which offers financing up to 100 per cent on the land and build cost. Husain argued that in his opinion, this rate nicely dovetails with the development project, which targets the lower- to middleincome bracket.
A major component of the BNB way is the development of meaningful strategic relationships that would enable us to attain excellence in our service delivery to all of our customers, whether big business, small business, or individuals.
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