The Government and Opposition leaders have yet to mention this to the nation, but the Emergency Relief Guarantee Fund, implemented in 1999, enables the government to stand as guarantor for commercial bank loans for the reconstruction of homes and businesses damaged or destroyed in a disaster. Residential homes can be eligible for a government guarantee of up to $50,000 max, and businesses up to $75,000 max. THIS DOES NOT MEAN THE GOVERNMENT WILL PAY OFF YOUR LOAN FOR YOU, IT MEANS IT WILL SERVE AS YOUR CO-SIGNER TO HELP YOU GET APPROVED FOR THE LOAN. The government is authorized to guarantee up to $20 million total for all homes and $10 million total for businesses. One million dollars is allocated to this Fund each Budget Year as mandated by law for contingencies. And payments out of that Fund must be brought before Parliament.
TO BE ELIGIBLE, AN APPLICANT MUST MEET ALL (EACH AND EVERY ONE) OF THE FOLLOWING CRITERIA:
(a) the applicant is unable to meet the eligibility requirements for obtaining a loan but the approved lender is of the opinion that such applicant is capable of making the payments of the loan;
(b) the loan is made to a person who is not less than eighteen years of age;
(c) the purpose of such loan is to repair or replace occupied residential property, furnishings and appliances damaged or destroyed by any disaster or to replace or repair businesses damaged by any disaster including rental accommodations, fishing boats, engines, farm buildings, farm equipment, citrus or fruit trees, vegetable crop, livestock, restaurants, processing plants and other commercial enterprises;
(d) the loan does not in the case of a residential property exceed fifty thousand dollars or in the case of a business does not exceed seventy-five thousand dollars;
(e) the loan is made on terms that all money borrowed under the loan shall in the case of residential property be repaid within a period of twenty years from the date of the loan or in the case of a business be repaid within a period of ten years from the date of the loan; and
(2) Where the purpose of a loan is for the repair or replacement of residential property, the owner shall satisfy the approved lender that the owner occupied such property immediately prior to the disaster and that such owner intends to occupy that property as soon as it has been repaired or replaced.
(3) Where the purpose of a loan is for the repair or replacement of any business, the owner of such business shall satisfy the approved lender that he operated such business immediately prior to the disaster and that he intends to operate such business as soon as it has been repaired or replaced.
The Minister responsible (which in this term is the Prime Minister) may require that you have valid insurance on your property in order for the government to stand as guarantor, but he has the authority to waive that requirement if you cannot qualify for such insurance.
IF THE GOV’T CAN TAKE OVER $100 MILLION OF OUR TAX DOLLARS TO BAIL OUT BAD DEBTS FOR CRONIES AT BANK OF THE BAHAMAS, THEY CAN WORK VIA THIS LAW WITH COMMERCIAL BANKS TO HELP BRING RELIEF TO STORM VICTIMS WHO HAVE LOST EVERYTHING DUE TO HURRICANE JOAQUIN.