html templates

FREQUENTLY ASKED QUESTIONS

1. What differentiates GDB from other financial institutions?


GDB is the only institution that can align itself directly with the Government’s developmental imperatives for the tri-island state. The Bank’s main focus is not to maximize profits but to enhance the socio-economic development of the country.

Unlike the other financial institutions that obtain its financing mainly from savings and deposits, the GDB generally obtains its financing from loans.

2. Why choose GDB instead of other financial institutions?


GDB’s sole shareholder is the Government of Grenada, thus by extension the Bank is own by the people of Grenada. The Bank’s interest rates, payment terms and all loan requirements are specifically designed to ensure that the Bank can make a positive impact on the socio-economic development of the tri-island state and improve the standard of living of the populace.

3. Is the location on Melville Street the only place I can make payments on my account?


At present, this is the only official location for account payments; however, you can contact our office for information on alternative payment locations.

4. At what age can I obtain a loan?

According to the laws of Grenada, minors (under 18) are not allowed to enter into a contract. However in cases of student loans, where students under 18 would like to obtain a loan, an adult can sign on the student’s behalf. 

5. Who can get financing?


While any one can be considered for funding in GDB our mortgage is designed for low and middle income earners and our business loans are structure mainly for micro, small and medium size enterprises. Our education loans are accessible to everyone. 

6. Do I need to have an account with GDB to get a loan?


No, you do not. GDB does not function as a commercial bank and therefore does not have savings or deposit accounts. Simply come in and speak with a loans officer and you will be guided through the application process. 

7. What options are available for making payments on my account?


There are a number of payment options that one can make use of. If you are living in Grenada you can make payments through salary deductions or assignments. 


Over the counter payment is also an option, or pay via cheque which can be deposited into our cheque box located at the left hand side of our building on Melville Street.


If you reside overseas, payments can be made through wire transfers.

8. I am Grenadian living overseas, can I get a loan?


Yes, once you can provide the required documents including proof of a reliable source of income.