The Bahamas Development Bank says its investment in technology has paid-off by reducing the time taken to process COVID-19 emergency loan applications from small and medium-sized businesses.

The state-owned institution, whose Cable Beach and Freeport locations have been closed since the nation-wide lockdown was implemented in mid-March, said it is executing loan documents electronically under the Electronic Communications And Transactions Act 2003.

One of the lenders under the government’s $20m Business Continuity Loan initiative, the Bahamas Development Bank said applicants are able to receive and execute offer letters and agreements digitally given that the two sides are unable to meet face-to-face amid the ongoing pandemic.

Dave Smith, the Bahamas Development Bank’s managing director, said COVID-19 said the pandemic had forced the institution to “bite the bullet”. It made an immediate investment in technology to enable more than half its workforce work remotely from home.

A recently-concludes Pulse Survey, which assessed the impact of COVID-19 on staff working conditions, found that Development Bank employees are well-adjusted to working from home. Mr Smith said that post COVID-19 he institution will benefit substantially from its investment in technology, resulting in an improved operational environment and the ability to better meet client expectations.