Dear Residents of San Pedro. How aware are you of the financial crisis in San Pedro? This news week article serves to bring to your attention our concerns surrounding the present financial crisis that is affecting so many established businesses and private homes of the founding families of San Pedro Town, Ambergris Caye.
As you are aware, the global economic crisis is the worst that the world has seen since the Great Depression of the 1930’s and it has also overtaken our beloved Belize. We believe that nowhere in Belize is the effect of this reversal of fortune in business and financial well-being more devastating than among the members of the indigenous business community and home-owners of Ambergris Caye. We predict that it is only a matter of time until the entire country falls prey to what we believe are the causes of the present hardships that we are enduring.
It is our belief and sentiment that while the local business person is forced to borrow from institutions which offer rates that are comparable to a loan shark’s, the foreigner is able to come onto our island and compete with investment capital that is obtained overseas at preferential interest rates and less stringent payment and loan agreements.
The people of San Pedro are self-made, successful entrepreneurs, hard-working and dedicated with an excellent track record in re-investing in our community, making us the pioneers of tourism in Belize. We are also responsible for raising the standard of living for many in this country as the majority of our valuable work-force is from the mainland of Belize as well as many others from the rest of Central America.
For the most part, we have built our businesses without the concessions that many of the present- day foreign investors have been able to negotiate with the Government of Belize. For decades, we have endured crippling utility, transportation and labour costs and it is only because of the lack of a level playing field in gaining access to investment capital and the rigidity of the financial institutions combined with the current financial crisis that many of us cannot meet our financial obligations causing us to consider selling our businesses or closing them down and walking away from our homes.
Your comments and concerns are greatly appreciated. Please email them to [email protected].
If you want legal advice or financial advice and service, please call at 631-6808 for an appointment. Consultation is only $20.00 Bz.
Do you need to refinance and consolidate your loans for longer period with lower interest rate and affordable monthly payments? Please call us; we can help.
/s/ Adelle’s House