- April 1, 2020
- Posted by: Marvin Garcia
- Category: What They Say
Question: 1. What are three most pressing challenges that your institution is facing at this time?
- The biggest challenge for FSMDB now is the travel ban instituted by the government has negatively impacted our clients in the Tourism/visitors industry. They have no zero revenue coming in and cannot service their loans. The bank has proposed to do loan repayment deferment of 6 months period, interest still accruing but no late penalty charge. The bank can ill afford this but no other options. I have submitted two different assistance proposals to the National Government to get some funding but nothing has transpired.
Question: 2. What solutions, if any, have you developed/instituted to mitigate the above pressing challenges? If unable to solve them, what needs do you have for us or other members to help you with to remedy the situation?
- I am still in communication with the FSM government on possible assistance. What we need is funding during this period.