What is a Bridging Finance Lending Facility at SLDB?
Do you have government contract or a contract from a reputable institution and don’t have the funds to undertake the project? Obtaining funding is not a problem. The SLDB provides funding for projects, whether short-term loans or under the Design, Build and Finance mechanism. Our funding is available for materials, wages and transportation.
At SLDB, we know time is money and delayed projects means less profit. For this reason, loan approvals may be obtained within 24-hours, provided that the required documents are presented. Our facility allows clients to raise money quickly against the value of contracts, with the proceeds of the contracts being assigned to the Saint Lucia Development Bank
Applying for a Bridging Finance Facility:
Applying for a Bridging Finance Facility (Contractor’s Financing) is simple. Just visit the Bank with a copy of the approved contract and a breakdown of your funding requirements and we will proceed from there. It’s that simple.
Key Benefits of Bridging Finance are:
- Simple and efficient application procedure
- No deposit or down payment required
- Flat service charge payable at the end of the project
- Continuous site visits and project monitoring
- Minimal fees
- No security required
We also offer Tender Letters and Bid and Performance Guarantees.
- What the SLDB will need:
- A valid contract stamped & signed by the relevant Ministry
- Two (2) forms of valid ID
- A copy of a utility bill as proof of address
- Break-down of project costing
- Open bills for materials being purchased
- Wage Sheet with the names of workers, days and amount to be paid (when required)
- Payment of applicable fees
- Payment of nominal stamp duty
- Certificate of Incorporation and By-laws
- Certificate of Good Standing
- Financials for the last 2 – 3 years
- SLDB will require:
- Project updates from the project’s supervisor or project manager
- Site visits before each disbursement
- The borrower withholds no information required by the Bank