Bank of Guam offers payment assistance to federal and NMI workers
Bank of Guam announced on Oct. 21 that payment assistance options are available to borrowers impacted by the federal government shutdown and a possible budget cut for the Northern Mariana Islands.
Bank of Guam said that eligible borrowers for payment assistance include NMI government employees and contractors, federal employees and contractors, lessors to the federal government (e.g. Marshall Islands landowners, local government entities, and recipients of local use agreements.
Bank of Guam will be offering payment assistance to workers impacted by the federal and NMI government shutdown. Photo by Skyler Obispo
Borrowers can receive payment assistance for commercial, mortgage, consumer, and auto loans.
“As The People’s Bank, being here for our communities when they need us most is core to who we are,” said Joaquin P. L.G. Cook, president and CEO of Bank of Guam in an Oct. 21 statement. “While we remain hopeful that these measures are temporary, we know that remaining flexible during these times will have a lasting impact on our people and our families.”
Applicants will need to submit documentation to verify their income reduction or financial disruption and will need to undergo an eligibility evaluation by the bank’s loan officers. Additionally, applicants would need to complete all necessary documentation and reporting for forbearance agreements.
For further details or to begin the forbearance process, customers can visit bankofguam.com and follow the instruction to submit their full name and documentation to the appropriate lending group:
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