FSM Development Bank

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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.

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