By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net’

A Bahamian small loans provider yesterday said it has expanded its lending facility by 50 percent to help consumers rebound from the COVID-19 pandemic.

Jeffrey Kerr, Green Leaf Financial’s chief executive, told Tribune Business that while many persons are still unemployed his company has been seeing a slow trickle starting to come in for small consumer loans to the extent that it has extended its lending limits from $10,000 to $15,000.

He added: “Green Leaf at this stage is still doing our part to see how we can assist a number of people in the community who have been impacted by the COVID-19 pandemic as a result of a loss of their job or illness.

Adjustments

“Family members are coming together as Bahamians, and families should to try to assist each other. We have made some adjustments in 2020 to try to work with those persons who were negatively impacted by the COVID-19.”

Revealing that Green Leaf in some instances has increased its lending limit to $20,000, Mr Kerr said: “We’ve increased the term and reduced interest rates slightly. In addition, we have tried to make doing business a whole lot easier.

“We’ve created an online application where you can actually go to our website, and when you register it’ll give you access to apply via credit application and then you can be approved online after you have submitted all of the documentation.”

Persons are seeking consumer loans to catch up with bills they have accumulated during the lockdown in 2020, but Green Leaf has “seen a good amount of people who have indicated that they want a vacation loan”.

“I don’t know if they put in vacation as a means to get more money to do other things, but we’ve been trying to pass on financial advice and guidance and ask persons coming in to review their application carefully before they make a decision on asking for a loan for vacation. Review the situation before you make a decision to go on vacation,” Mr Kerr added.

“Things have increased marginally since 2020 in similar ways as we are doing now, but what has happened is a few more persons have returned to work, even though there are a lot of persons still unemployed.

“We’re still trying to work with those families from a collections standpoint. But I would say things have increased marginally since last year.”

Some 75 percent of persons coming to Green Leaf for loans are returning customers, while the other 25 percent are new.

“Brand new customers are minimal, so I’ll say they are 25 percent because not many sectors are new, but the return customers are 75 percent,” said Mr Kerr.