Banque BEMO sets $100 million for reconstruction
anque BEMO has allocated $100 million to provide fasttrack loans to people hurt by the ports explosion and who want to rebuild their houses, offices, or restore their equipment. Cars and home appliances are among the items that maybe considered as ‘equipment’. The loans will be provided with minimal collateral and administrative paperwork. The program targets both clients and non-clients. , Executive Director for Financial Institutions at the bank, said that they will charge an interest rate that will range between two and three percent. The loan ceiling is set at $25,000 in order to reach a large number of borrowers, Sawaya said. He said that this loan program is suitable for people who don’t want to wait for the indemnities that will be paid by the government agency High Relief Commission (HRC). Once they cash the money from the HRC, they can repay the loan.
