REQUIREMENTS OF SURETIES
Requirements for Sureties - One loan:
- The proposed surety cannot have an existing loan with the Fund.
- Be at least twenty-one (21) years of age and no older than fifty-four (54) years of age at the time of
signing the contract.
- Should have income of at least Bds$16K annually for a loan up to Bds$30K.
- Should have income of at least Bds$28K annually for a loan in excess of Bds$30K.
- Be a citizen, residing and employed in Barbados.
- Have a credit rating that meets SRLF credit rating guidelines.
- Evidence of income must be provided. (Pay slip, Job letter, Affidavit)
Requirements for Sureties - Two loans:
- The proposed surety cannot have an existing loan with the Fund.
- The existing loan that the individual is surety for must be current.
- The combined liability of the two loans up to a maximum of 50K should not exceed 1/3 of the
proposed surety’s gross annual income.
- Be at least twenty-one (21) years of age and no older than fifty-four (54) years of age at the time of
signing the contract.
- Be allowed to stand as surety for two loans without providing real security for amounts $50K or less.
- Be a citizen, residing and employed in Barbados.
- Provide to SRLF on the prescribed forms a statement of income and expenses and a statement of net
worth.
- Have a credit rating that meets SRLF credit rating guidelines.
- Evidence of income must be provided. (Pay slip, Job letter, Affidavit)
General:
- The spouse of the applicant cannot stand as surety.
- Both parents cannot be sureties for the same loan if living in the same household.
- Sureties married to each other cannot be a surety for the same loan.
Where persons are currently standing as a surety for an existing borrower and may be desirous of being
replaced as a surety, all arrears on the existing loan must first be liquidated and all new contracts executed
before the existing surety can be released.
The proposed surety cannot have an existing loan with the Fund.
? Be at least twenty-one (21) years of age and no older than fifty-four (54) years of age at the time of
signing the contract.
? Should have income of at least Bds$16K annually for a loan up to Bds$30K.
? Should have income of at least Bds$28K annually for a loan in excess of Bds$30K.
? Be a citizen, residing and employed in Barbados.
? Have a credit rating that meets SRLF credit rating guidelines.
? Evidence of income must be provided. (Pay slip, Job letter, Affidavit)