PHILIPSBURG--Persons in government service can now consolidate their existing loans or obtain a loan of up to NAf. 40,000 with low interest rates, a long repayment term and with lower loan fees, thanks to a “Civil Servants Financial and Consolidation Loan” programme launched by PSB Bank on Friday
Anyone who works for government can obtain an unsecured loan as part of the programme. Applicants will have up to five years to repay their loan; will receive it at an interest rate that is 0.5 per cent below the bank’s currently standard loan rate; and get 50 per cent of their loan fees waived.
Following the launch ceremony around 5:00pm Friday, PSB opened its doors until the early evening hours and began accepting applications for the loan programme.
PSB General Manager Wayne Johnson told guests at the launching ceremony, who included many government workers, that the loan programme is designed specifically for civil servants, including teachers, police officers and Customs officers – basically anyone who falls in government service.
“Being a civil servant is by no means an easy task. PSB Bank recognises this and is trying to help make your lives less stressful by making the access to financing to enable you to accomplish all the things you want to accomplish in life a bit easier for you,” he said.
“PSB Bank has tailored a financing programme catering specifically for the civil service. This programme is an unsecured loan up to the maximum amount of NAf. 40,000 with special terms and conditions designed for the civil servant.”
The programme is the result of a conversation Johnson had with Prime Minister Leona Romeo-Marlin last year.
Romeo-Marlin said that in her day-to-day function as Prime Minister, she attends one meeting after another and she has had the pleasure of interacting with many different persons.
“As fate would have it, I had the pleasure to meet and discuss with Mr. Wayne Johnson of PSB Bank the possibility of doing something special for civil servants for their service rendered following the passing of Hurricanes Irma and Maria.
“As you know, many of you form an integral part of the Disaster Management Organisation. As such you were expected to respond to the needs of the Government and the people of St. Maarten following the passing of the hurricanes. I have learnt and witnessed for myself that many of you left your families and households undone and offered your services whole-heartedly as volunteers by giving back to the community of St. Maarten.
“Therefore, in the spirit of giving back, I requested Mr. Johnson to see if the PSB Bank could make a special offer to civil servants,” the Prime Minister said at the launching ceremony.
“As such, in December of last year, discussions were held and the PSB Bank management was able to present a financial relief package that is designed to assist you with hurricane-related home repairs, refurbishing or debt consolidation.”
Romeo-Marlin said the road to recovery is built on a foundation of patience and persistence and reminded all that “recovery is not a sprint but a marathon.”
“I am fully aware that this is not the magic wand that will solve every issue that some of you may have as individuals. However, my hope for this PSB Bank special offer is: for those that can qualify, it may solve an issue or problem that you may have thought was unsurmountable.”
She thanked persons who had shown interest in PSB’s offer by attending the launch event. She also thanked Johnson and his staff at PSB for “all the hard work and effort in making this a reality and I reiterate my support for this project.”
Both Romeo-Marlin and Johnson urged everyone to take advantage of the programme.
PSB Chief Executive Officer (CEO) Daniel Hodge urged civil servants to not let this opportunity being offered by the bank go to waste, as the Prime Minister advised. He said persons now have an opportunity to consolidate their existing loans. Many persons have resolutions for the New Year and as it is still January, persons should take PSB’s offer seriously.
He said banks can sometimes be looked at as being selfish and only interested in making a profit. PSB, he noted, qualifies as a people’s bank. It has been around for more than 100 years.
Banks have a social and corporate responsibility to give back to the community. He said after the Prime Minister planted the idea in Johnson’s head and he was approached with the idea, he felt it was positive. The bank wanted to launch since last year, but this was not possible.
PSB, he added, feels honoured to be able to play its role and help to contribute by helping civil servants. He said the programme is just a start and indicated that the bank might add other benefits and other packages to the programme in the future.
