Demerara Bank Limited has announced that a number of concessional loans have been provided to vendors whose businesses were gutted in the recent fire at the Parika Market, where over 160 operators suffered damages.
The fire, which occurred on February 10, ravaged several businesses and left many vendors struggling to return to their daily source of income. The bank said it has been working closely with local authorities to identify the affected vendors in order to offer them concessional financing during this difficult time.
Chief Executive Officer, Pravinchandra Dave expressed, “We are deeply saddened by the devastating impact of the recent fire. As a responsible member of the community, we are committed to supporting those who have been affected by this tragedy and we hope that our concessional rate and repayment terms on the credit facilities will provide some relief to the vendors as they work to rebuild their businesses.”
General Manager of the bank, Dowlat Parbhi added that most of the vendors did not have accounts at any bank and encouraged them to make full use of this opportunity to build their credit history. He shared that the bank is willing and ready to support their business and other banking needs even after this period has passed. He further advised that the bank’s Leonora Branch, which is currently under construction, will bring banking convenience to the West Coast communities and that various banking products and services will soon become more accessible.
The bank has set up a special team to provide personalised support to the vendors, including assistance with loan applications and other financial services.
“Demerara Bank has a long-standing commitment to supporting the local community, and this initiative is just one example of its ongoing efforts to make a positive impact,” a statement read.
A preliminary investigation from the Guyana Fire Service (GFS) revealed that construction workers, who were in the process of rebuilding the market, were welding when sparks came into contact with nearby combustible materials. This resulted in a large fire within the span of minutes, forcing vendors out of the marketing centre. As a result, little was salvaged from the blaze.
By the time the Guyana Fire Service (GFS) managed to put the fire out, the structure was completely destroyed. Complaints were also reported of unknown persons carting off with valuables in the heat of the fire. Since then, Government has ordered that the area be cleared of debris, so as to re-establish operations.
