IPED waives late fees; suspends penalty, interest for late installments

The Institute of Private Enterprise Development Limited (IPED), a lending agency for entrepreneurs, will be putting measures in place to ease the burdens of its clients during this difficult time.
IPED on Thursday announced that all late fees generated after February 29, 2020 will be waived as well as penalty interest for late or deferred instalments.
“We understand the difficulties which many of them [clients] 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,” the financial institution noted.
According to IPED, restructuring, rescheduling, refinancing, deferred instalments and payment arrangements will be determined on merit for each loan beneficiary.
The Institute said it would continue to monitor the situation and develop solutions to these challenges as they continue to emerge.
Moreover, IPED has taken steps to increase the frequency of sanitisation of its facilities across the country.
“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,” the organisation noted.
Additionally, IPED is encouraging all persons wishing to transact business to call their various officers and branches before visiting the office.
Visits to the office will only be accommodated by appointment, IPED said, as few employees are at work while others are at home.
“Please call or send your messages to … 608-4096 or 608-8920 for assistance if you are unable to make contact with your regular loan officer or manager,” IPED urged.
Already, commercial banks have implemented similar measures such as the deferral of loan payments and waiver of late fees for customers amid the coronavirus threat in Guyana.