Business

Potter Vows To Crack Down On Adverse Lending Practices of Local Banks, Hopes To Attract New Banks To Territory

In an exclusive interview with VI Consortium, Lt. Governor Osbert Potter said one of his immediate plans is to crack down on local banks not lending to small businesses. Potter said he became aware of the decreased lending activity within the territory's banking sector during the administration's review of all government agencies and departments. "That's a big concern of mine and it's one that I'm really committed to see if we can make a major turn around in that area," Potter said, adding that "small businesses are hurting." "You have banks that don't have the confidence that, I guess, small businesses will be able to pay back these loans. You have that disconnect because it's a Catch 22. The small businesses need the loans in order to stay in business and sustain and be able to grow and expand; and the banks are not lending," Potter said. He said that although some off-island banks have been willing to lend to local small businesses, "my understandi...