The recent hurricane that brought untold devastation to some parts of The Bahamas came as many people were already anticipating the traditionally slow September period.
September is usually a month when fewer tourists travel to the Bahamas and also a time when parents are rebounding from back-to-school expenses.
For some hotel workers, who had already been facing the prospects of shorter workweeks, the financial toll could be especially hard.
Financial experts advise that persons who are facing a combination of factors that could lead to financial hardship, may want to seek outside help from private lending institutions, or inquire about assistance from the National Emergency Management Agency (NEMA).
ﾓThe first thing I want to emphasis is, do not make decisions when youﾴre really emotional,ﾒ said Gregory Bethel, president of Fidelity Capital Markets, ﾓwhen youﾴre tired, when youﾴre angry or when youﾴre really feeling down.ﾒ
He explained that during times of desperation, mixed emotions usually affect proper judgment.
ﾓDonﾴt let pride get in the way,ﾒ Mr. Bethel added. ﾓTake advice, go and get the advice that you need.ﾒ
Last month, some financial consultants advised parents to restrain from borrowing from the financial institutions to cover back-to-school bills.
But now they are advising persons who did not have insurance on their homes that the best course of action may be to take advantage of the government guarantee loan programme that was scheduled to be activated Monday.
Minister of State for Finance James Smith announced Sunday that the loan programme will help persons whose properties were damaged in the storm.
Deborah Cartwright, financial consultant at Consumer Investment Services said, ﾓThis is one of the times when borrowing would be accepted. There is nothing that the persons could have done.ﾒ
The guarantee loans are being made available through local participating commercial banks. NEMA must first approve interested persons.
ﾓThis is not a frivolous loan,ﾒ Ms. Cartwright said. ﾓThis is essential to provide adequate shelter for your family. Itﾴs important for persons to bounce back quickly from this disaster and to do this some assistance may be required from the banks.ﾒ
She noted that persons without insurance tend to be more ﾓstressed outﾒ than those with insurance during this time.
ﾓOr they may have insurance and the deductible may be too high and there are cases where persons received extensive damage and the insurance is not able to pay for the repairs,ﾒ Ms. Cartwright pointed out. ﾓThese are extreme situations of total loss when outside assistance is unavoidable.ﾒ
One hurricane victim told the Bahama Journal that borrowing may be the only way she can rebuild her home.
Gertrude Delancy, a resident of Taylor Street, said the roof of her home was blown off from the ferocious winds of Hurricane Frances.
ﾓI was not at all surprised that the roof came off,ﾒ Ms. Delancy said. ﾓBefore the rain came I had a leak in the bedroom. I was planning to repair it, but the hurricane came suddenly and ruined my plans. My family and I had to leave and go to a shelter during the hurricane and when I returned, my home was completely ruined.ﾒ
She said she will have to borrow because she had no emergency funds.
Bianca Symonette, The Bahama Journal
