Basseterre, St. Kitts, May 19, 2021 (SKNIS): The Development Bank of St. Kitts and Nevis (DBSKN) remains very committed and involved in helping clients to be financially literate by educating them to manage their finances and start a business, said Jasmine Irish, Operations Manager.
During her appearance on the May 19 edition of “Working for You,” Mrs. Irish touched briefly on the Business Support Unit of the bank.
“We have consultants who would actually help persons prepare their business plan. If they have issues in the area of marketing and they would need advice, we have consultants who would assist them in that area,” said Mrs. Irish.
Mrs. Irish noted that the department engages in regular training and is very active in the communities more so now than before.
“That unit normally has workshops, and they are active in field visits, and on those field visits, they go to find out the issues with the business, how the operation is going… if they are having financial issues where they are unable to maintain their regular monthly payments then D.E.R.P. comes in,” she said. “They will go to the unit and we will give consideration to restructuring those loans so that we can give the person a better opportunity.”
D.E.R.P stands for Debt Evaluation and Restructuring Plan. It is a plan where the bank evaluates and assesses clients’ income to see how best they can help them, as some may stand a better chance if their debts are consolidated just to put them in a better position. The aim is really to see how best the bank can better position clients to repay their debt once they meet the requirements of the evaluation process.