Saint Lucia Development Bank (SLDB) is a statutory Corporation. Our mandate is to support entrepreneurship, economic and social development through business counseling services, technical assistance, and the provision of funding through loans, equity financing and other forms of assistance.

A Re-established Saint Lucia Development Bank (SLDB)

On February 22, 2009, the 30th Anniversary of Saint Lucia's political independence, history was created in the realm of public policy, when the island for a second time formally launched a development bank. Almost three decades previously, the island had established and launched its first development bank - The Saint Lucia Development Bank (SLDB) - by merging a number of development financing entities [Agricultural and Industrial Bank (AIB), the Housing Bank (HB) and the Student Loan Financing Unit at the National Development Corporation (NDC).

In establishing its first development bank in 1981, though late, Saint Lucia had followed the international and regional trend emerging from the Bretton Woods institutions after the war years to facilitate socio-economic development in countries seeking to rebuild their economies and societies by establishing development banks.

In spite of what has been said about the successes of the previous SLDB, its services and impact on the fledging nation was excellent, earning the recognition by its peers and financial experts in the region as one of the leading development bank and indigenous financial institution in the Eastern Caribbean Currency Union (ECCU). Its impact on several economic sectors, notably Agriculture, Fisheries, Tourism, Education, and Housing was outstanding with a cumulative loan disbursement of over two hundred million ($200 million) by the end of its life in July 2001 when it was merged into the previous National Commercial Bank of Saint Lucia (NCB) to form the Eastern Caribbean Financial Holding Company.

The reasons for the merger, the ensuing outcome and benefits, have evoked varying responses, but one thing has been clear: Seven years following the merger, the developmental goals and gains of the former SLDB have been eroded particularly in the areas of agricultural and small enterprise financing, while the Bank of St. Lucia which is the product of the merger continues to flourish with its emphasis on retail and commercial banking.

Since 2001 the banking and lending environment in St. Lucia has changed tremendously. Several lending institutions have sprung up including reconfigured Commercial banks (the merger of Barclays and CIBC to form First Caribbean and the merger of RBTT into RBC), non-banking lending agencies, Insurance Companies, Credit Unions and money lenders. These institutions for the most part are engaged in mortgage finance, consumer durable and personal lending which are the "Bread and Butter" areas but tend to avoid the productive sectors. Hence the need to provide more access to loans for developmental projects promoted by small and medium size entrepreneurs, has become more apparent and urgent.

It is against this backdrop that the St. Lucia Development Bank has been re-established with the expressed purpose of fostering further growth in the local economy through the provision of credit and other services to both the productive and social sectors.

The new SLDB intends to be a well-run public financial institution, committed to modern corporate governance principles, promoting socio-economic development within our nation. While the new SLDB intends to mirror some of the policies of the previous development bank in regard to its diversified credit facilities and technical assistance programmes, it intends to pay particular attention to bringing the young people of Saint Lucia within the main stream of socio-economic development. The new, SLDB intends to partner with its customers and various stakeholders in providing more attractive and affordable packages to facilitate social and economic development.

The management team, supported by the Board of Directors, intends to live up to the huge expectations that have been signaled by the hundreds of people who have so far visited the Bank's new offices on No. 4 Bridge Street, Castries.

SLDB providing opportunity for all!