WIB to offer 3-month moratorium on loans

WIB to offer 3-month moratorium on loans

PHILIPSBURG--Windward Islands Bank (WIB) has taken the lead to ease the burden on its clients in anticipation of the impact of the coronavirus COVID-19 and will be offering an automatic full payment (interest and principal) moratorium on all personal and business loans for three months beginning March 30, and ending May 30.

Interest will continue to accrue on the loans, WIB General Managing Director Derek Downes told The Daily Herald today. The loans must not be more than 90 consecutive days in arrears. 

"We will continue monitoring the situation and make additional adjustments where and when necessary," Downes said. "Individual clients or companies that need additional financial assistance, can contact our bank for a temporary overdraft facility, as these request will be assessed on a case-by-case basis."