COVID-19 impact… IPED waiving fees, restructuring clients’ loans; working by appointments only

Apr 04, 2020 News

As a number of commercial banks and other institutions continue to grapple with the fallouts of COVID-19, the Institute of Private Enterprise Development Limited (IPED) has also joined in taking measures to reduce impact on customers.

IPED is a local loan agency.

Among other things, there will be waiving of fees.
The IPED is one of the premier small business financing institutions in the country.
The entity yesterday said that it understands the difficulties which many are currently experiencing in the various enterprises they manage and operate.
“We wish to assure them that it is our intention to continue providing the necessary support that they may need to overcome this difficult period. We have been in communication with most of our existing clients and are aware of the challenges confronting them. We continue to monitor the situation and to develop solutions to these challenges as they continue to emerge.”
The IPED said that it is wishing to advise clients that all late fees generated after February 29, 2020 will be waived and penalty interest for late or deferred installments will be suspended.
“Restructuring, rescheduling, refinancing, deferred installments and payment arrangements will be determined on merit for each loan beneficiary. We reiterate that we understand and will work with all of them to overcome the current crisis.”
The IPED said it has taken steps to increase the frequency of sanitization of its facilities.
“We have placed wash basins at our offices for you to wash hands before entry and we have implemented the protocols of physical distancing which we encourage all to strictly follow on our premises and at all times in every public place. We encourage all persons wishing to transact business with IPED to call their various officers and branches before visiting the office.”
According to the entity, visits to the office will only be accommodated by appointments as limited employees are in the office whilst others work from home.
“Please call or send your messages to telephone numbers 608-4096 or 608-8920 for assistance if you are unable to make contact with your regular loan officer or Manager.”
The entity has branches in the various regions.

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