updated 3:25 PM PDT, Mar 23, 2017
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Car Loan Bonanza---Home and Business Loans Drought

These days it is easy to get a car loan, but hard and challenging to get a home or business, financing and Leader of the Opposition Hon. Andrew Fahie announced that this situation has to change, even if he have to be the sole lobbyist on the matter.

During the House of Assembly sitting on March 13th, Hon. Fahie while debating the Financial Services Commission (Amendment) Act 2016, told his colleagues that he is unhappy that many Virgin Islanders are unable to own their own home or business. He therefore called on the Premier and the Financial Services Commission to intervene.

“In this day and age it is still easier to get the money for a car than it is to buy land, than it is to get a business, something is wrong with the policy; and it must start from a policy level in government to get these things changed for our people,” Hon. Fahie explained.

In noting how challenging the situation has become, the Leader of the Opposition said: “It’s difficult now to take your land up to the bank and get money from the bank to start a business, unless you have money you can’t get into business. When you analyze it you can get a car financed almost 100 percent from a bank or even if you put down 10 percent.”

He further announced that he intends to lobby for change: “Madame Speaker I will not stop on it till I see a substantial policy or action of the financial services that results in something tangible inside the banks that you can look for, Madame Speaker that you can say well I think that we are getting somewhere.”

Hon. Fahie added: "We have to move as leaders to get inside the banks through the same Financial Services, to sit down with them and say whatever you need Financial Services will give to you. But what we need from you (Premier), is to go into these banks and sit down with them, as Premier and Minister of Finance, and go through some of the scenarios of our people and come up with better policies by the banks. We can't dictate, but we can encourage to create an environment that understands that while they are concerned about businesses, people are the ones that we are building this country for.”

Last modified onThursday, 16 March 2017 09:49
  • Source: BVIHotpress.com

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