Wikiprocedure

Bahamas - Apply for a Term Loan

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ProcedureEdit

Apply In-Person

  1. The Applicant has to submit an application to the Customer Service Credit Officer, The Bahamas Development Bank. Visit the following link for Contact Details:Link.
  2. The Applicant can download the Form from the following link:Project Summary Form, Personal Statement of Affairs Form.
  3. Complete the application forms with all details.
  4. After filling in all the details, submit the Application Forms along with the supporting documents as mentioned in the “Required Documents” section to the Customer Service Credit Officer, The Bahamas Development Bank.
  5. The applicant can visit the Bank and schedule a meeting to discuss the proposal submitted.
  6. At the time of the appointment, the applicant must bring all necessary documents. The applicant will be asked to submit other necessary supporting documentation once their project request has been assessed and eligible.
  7. For all proposals above $20,000, a business plan is required.
  8. The bank officer will provide a reasonable estimate of all fees to the applicant. There will be a minor application fee as well as an administration fee.
  9. The applicant should receive a response within 30 to 45 days after the Bank receives the requested documentation.


Apply Online

  1. The Applicant has to submit application forms by email to the Customer Service Credit Officer.
  2. The email can be sent to [email protected].
  3. The Applicant can download the Form from the following link :Project Summary Form, Personal Statement of Affairs Form.
  4. Complete the application form with all details.
  5. After filling all the details email the Application Forms along with the supporting documents as mentioned in the “Required Documents” section to the following email id : [email protected].
  6. The applicant will be contacted by the bank within 24 hours to provide additional information.
  7. For all proposals above $20,000, a business plan is required.
  8. The bank officer will provide a reasonable estimate of all fees to the applicant. There will be a minor application fee as well as an administration fee.
  9. The applicant should receive a response within 30 to 45 days after the Bank receives the requested documentation.


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Required DocumentsEdit

The documents required at the time of the application include nationally recognized identification, along with Character and Bank references.  Other required documents would be related to the project. Project Related:

  • Business Plan, including financial projections
  • Executive Summary (existing business)
  • Financial Statements for 2-3 yrs.
  • Bank Statements for business account(s)
  • Quotes / Invoices / Bill of Sale from vendors
  • Insurance Quotation(s) (Bldgs., Contents, Auto, Marine, Liability, etc.)
  • Business License (or Receipt showing application for license);
  • Fishing License/FDC (if applicable) Resume of Key Management
  • Proof of title of assets being pledged (Deeds, Conveyances etc.)
  • Property Appraisal or Marine Survey for assets being pledged
  • Three Contractor’s estimates (if building or renovation is part of allocation of funds)
  • Lease Agreement (or Draft copy)


Personal Requirements:

  • Passport, NIB Card, Driver’s License, Voter’s Card for each Borrower
  • Personal Statement of Affairs Banking/Credit Reference
  • Loan print-out(s) from other bank(s)
  • Two Character References (Two per applicant –excluding family members)
  • Copy of Utility bill in applicant’s name (to assist with address verification)
  • Life Insurance over borrower(s) in amount of the loan (Post approval)


Requirements Specific to Industry/ Business Type:

  • Based on nature of project, specific information and government approval(s) will be requested


If Limited Company:

  • Memorandums and Articles of Association
  • Certificate of Incorporation
  • Certificate of Good Standing
  • Register of Shareholders
  • Resolution to Borrow Funds
  • Annual Return (for existing operations)


If Business is a Franchise:

  • Franchise Agreement


Office Locations & ContactsEdit

Bahamas Development Bank
Head Office
Robinson Road &
Key West Street
P.O. Box N-3034,
Nassau, Bahamas
Tel. (242) 702-5700
Fax (242) 327-5047
Open: Mon to Fri: 9am - 5pm

Freeport Office
East Sunrise Highway
Freeport, Grand Bahamas
The Bahamas
P.O. Box F-42573
Tel. (242) 352-9025
Fax (242) 352-4166
Open: Mon to Fri: 9am - 5pm
Contact Link

EligibilityEdit

The eligibility criteria for various business structures are as follows:

  • Sole Proprietorship (Business is owned by a single individual)


Only Bahamian nationals who are typically residing in the Bahamas and have reached the age of 18 will be considered for loans by the Bank.

  • Partnerships/Joint Ventures (Business is owned by two or more persons)


For the Bank to consider financing to a partnership, Bahamian nationals who have reached the age of 18 and are typically living in the Bahamas must own 60 percent of both the controlling and profit-sharing interests.

  • Limited Liability Companies (Incorporated under the Companies Act of the Bahamas)


BDB may only accept loans to limited firms that are at least 60% controlled and beneficially owned by Bahamas nationals who have reached the age of 18 and are regularly resident in the Bahamas, similar to partnerships and joint ventures. For the purposes of eligibility, the term "usually resident" indicates that the applicant has lived in the Bahamas for at least 12 months prior to submitting the loan application.

FeesEdit

The Officer will provide you with a reasonable estimate of all fees, however keep in mind that there will be a minor application fee as well as an administration fee.

ValidityEdit

There is no deadline associated with this service.

Documents to UseEdit

Application Form:


Sample DocumentsEdit

Please attach sample completed documents that would help other people.


Processing TimeEdit

Applicant will receive a response from the Bank within 30 to 45 days after the Bank receives the requested documentation.

Related VideosEdit

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.


InstructionsEdit

Please provide other instructions related to the certificate/documents.
e.g. The state office holds birth records since january 1908.


Required InformationEdit

  • Name of Applicant
  • Date of Birth
  • Age
  • Marital Status
  • No. Of Dependents
  • National Insurance No./National I.D
  • Driver License No.
  • Passport No.
  • Address
  • Telephone No.
  • Spouse Name
  • Name, Address & Contact of Landlord (If Renting)
  • Previous Address
  • Name of Bank or Financial Institution
  • Have You Any Judgements or Legal Proceedings Against You?
  • Have You Ever Borrowed Before from Any Source?
  • Have You Had Any Previous Loans from The BDB?


Need for the DocumentEdit

It is required to apply for a term loan.

Information which might helpEdit

Enter other information which might help.


Other uses of the Document/CertificateEdit

Please explain what are other uses of obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.


External LinksEdit

Website Link

OthersEdit

More information which might help people.


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