{"id":36211,"date":"2016-03-09T22:16:33","date_gmt":"2016-03-09T22:16:33","guid":{"rendered":"https:\/\/viconsortium.com\/?p=36211"},"modified":"2016-03-09T22:16:33","modified_gmt":"2016-03-09T22:16:33","slug":"edas-economic-development-bank-launches-loan-amnesty-program-throughout-territory","status":"publish","type":"post","link":"http:\/\/wp.viconsortium.com\/?p=36211","title":{"rendered":"EDA&#8217;s Economic Development Bank Launches Loan Amnesty Program Throughout Territory"},"content":{"rendered":"<p class=\"\"><span class=\"\" lang=\"EN-US\">ST. THOMAS &#8212; The Virgin Islands Economic Development Authority (E.D.A.) through its subsidiary entity, the Economic Development Bank (E.D.B.), announced on Wednesday the launch of its \u00932016 Loan Amnesty Program\u0094 for all E.D.B. delinquent borrowers. E.D.A. says the program will be in effect from March 15, 2016 through September 15, 2016.\u00a0<\/span><\/p>\n<p class=\"\"><span class=\"\" lang=\"EN-US\">The purpose of the amnesty program is to offer clients of the former Government Development Bank and Small Business Development Agency, now referred to as the &#8220;Economic Development Bank&#8221;, an opportunity to resolve their outstanding loan obligations before legal action is taken. This is the second time E.D.A. has launched this amnesty program to assist E.D.B. delinquent borrowers in the U.S. Virgin Islands, E.D.A. says.<\/span><\/p>\n<p class=\"\"><span class=\"\" lang=\"EN-US\">The following are the conditions and limitations of the<\/span><span class=\"\" lang=\"EN-US\">\u00a0amnesty program:<\/span><\/p>\n<ul class=\"\" type=\"square\">\n<li class=\"\"><span class=\"\" lang=\"EN-US\">Delinquent accounts with loan principal balances \u0093Paid-In-Full\u0094 by September 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<\/span><\/li>\n<\/ul>\n<ul class=\"\" type=\"square\">\n<li class=\"\"><span class=\"\" lang=\"EN-US\">Delinquent accounts with loan principal balances paid by at least 50 percent by September 15, 2016 will be granted a 50 percent forgiveness on accrued interest and late fees up to and including the date of said payment(s);<\/span><\/li>\n<\/ul>\n<ul class=\"\" type=\"square\">\n<li class=\"\"><span class=\"\" lang=\"EN-US\">New debt re-payment schedules may be created by the Economic Development Bank for borrowers.<\/span><\/li>\n<\/ul>\n<ul class=\"\" type=\"square\">\n<li class=\"\"><span class=\"\" lang=\"EN-US\">Other conditions may apply.<b class=\"\"><\/b><\/span><\/li>\n<\/ul>\n<p class=\"\"><span class=\"\" lang=\"EN-US\">Delinquent borrowers can make payments to the V.I. Economic Development Authority at the following locations:\u00a0<\/span><span class=\"\" lang=\"EN-US\">8000 Nisky Shopping Center,\u00a0<\/span><span class=\"\" lang=\"EN-US\">2nd Fl., Suite 620,\u00a0<\/span><span class=\"\" lang=\"EN-US\">St. Thomas, U.S. Virgin Islands, 00802. Or\u00a0<\/span>116 King <span class=\"\" lang=\"EN-US\">Frederiksted, St. Croix, U.S. Virgin Islands 00840.<\/span><\/p>\n<p class=\"\"><span class=\"\" lang=\"EN-US\">For more information contact the E.D.B. on St. Croix at 340-773-6499 or on St. Thomas at 340-714-1700.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>ST. THOMAS &#8212; The Virgin Islands Economic Development Authority (E.D.A.) through its subsidiary entity, the Economic Development Bank (E.D.B.), announced on Wednesday the launch of its \u00932016 Loan Amnesty Program\u0094 for all E.D.B. delinquent borrowers. E.D.A. says the program will be in effect from March 15, 2016 through September 15, 2016.\u00a0 The purpose of the [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":36212,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[228,3,11,191,147],"tags":[4704,3805],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>EDA&#039;s Economic Development Bank Launches Loan Amnesty Program Throughout Territory - V.I. 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