Earlier this week HFC Board approved a special loan scheme, HFC Top Gear Disaster Rehabilitation Facility (HFC ‐ TGDRF). The product was officially launched by the Chairman of HFC, Tom Ricketts on Thursday, 2nd February, 2012. “First of all, our sympathies and prayers are with all the people, who have lost their loved ones or have been affected by the flood” said Tom Ricketts.
“This facility is formulated not only with the view of RBF Flood Rehabilitation scheme, but as part of HFC corporate and social responsibility and also as a local institution to help out in case of emergency or economic injury” he said. “The RBF policy allows maximum interest rate of 6% however we at HFC are offering only 4.99%” he added. He thanked RBF for such initiative which allows institution like HFC to obtain funds from them. The facility is offered only to the business segment of the affected community who can borrow from $10,000 up to $500,000.
The assistance is to cover replacement of inventory, loss of sales, repair or replacement of plant, equipment and machinery, restoration of damaged buildings, including resorts and hotels, replacement of vehicles;
“Whilst this facility will accommodate the current victims of the flood, the product has been designed to cover other disasters, in time of need” said chief executive officer, Isikeli Tikoduadua.
For existing business customers affected by the flood, the loan establishment fee is discounted by 50% and for the new customers, discounted by 25%. Under this scheme, customers have options of interest payment only for six months with maximum term of 5 years to pay. “If in case customers are not able to pay over the initial period, it will be converted under the normal business loan terms and conditions” said Isikeli Tikoduadua.
Last week HFC also announced a special repayment holiday packages for both business and consumers customers who were affected by the flood. “Considerable number of requests on “case by case” basis has been accommodated.” said Isikeli Tikoduadua.