Demerara Bank providing special loans to fire-affected Parika market vendors

Demerara Bank on Wednesday announced that it is granting special loans to those vendors whose businesses were gutted by the recent fire at the Parika market, East Bank Essequibo (EBE).

The special loans being offered by the bank are concessional loans which, essentially, offer the vendor more favourable terms than they would normally get. And the bank, in a press release, said each vendor will receive personalised support.

See below full release from Demerara Bank:

Demerara Bank Ltd. on Wednesday last announced that it has granted a number of concessional loans to vendors whose businesses were gutted in the recent fire at the Parika Market.

The fire, which occurred on February 10, 2023, ravaged several businesses and left many vendors struggling to return to their daily source of income. The Bank has been working closely with local authorities to identify the affected vendors in order to offer them concessional financing during this difficult time.

“We are deeply saddened by the devastating impact of the recent fire.” said Mr Pravinchandra Dave, CEO of the Bank. “As a responsible member of the community, we are committed to supporting those who have been affected by this tragedy and we hope that our concessional rate and repayment terms on the credit facilities will provide some relief to the vendors as they work to rebuild their businesses.”

Mr Parbhu, General Manager of the Bank noted that most of the vendors did not have accounts at any bank and encouraged them to make full use of this opportunity to build their credit history as the Bank is willing and ready to support their business and other banking needs even after this period has passed. He further advised that the Bank’s Leonora Branch, which is currently under construction, will bring banking convenience to the West Coast communities and that various banking products and services will soon become more accessible.

The Bank has set up a special team to provide personalised support to the vendors, including assistance with loan applications and other financial services.

Demerara Bank has a long-standing commitment to supporting the local community, and this initiative is just one example of its ongoing efforts to make a positive impact.