Govt, credit unions sign for $100m emergency loan facility

THE Co-operative Credit Union League (CCUL) and the Government have signed a memorandum of understanding (MOU) for the roll out of a $100 million emergency income loan facility. The MOU was signed at the Finance Ministry’s offices at the Eric Williams Financial Complex in Port of Spain at 11 am on April 27.

In a statement CCUL chief operating officer Dianne Joseph said the league was pleased to be involved in this initiative to bring relief to credit union members who have been affected by the covid19 pandemic.

“This is a significant factor in meeting the economic and social needs of our members and their families.” Joseph also said this initiative will “ease the financial burden and personal stress associated with the sudden turn in the lifestyle of these members who are generally in the low and medium income bracket.”

She added these people are “often classified as downtrodden and of modest means. Joseph said CCUL commends Government on this significant milestone which can meet the needs of its members who have been laid off from their jobs, affected small businesses and sole traders.

She said the CCUL supports the consideration of debt rollover and interventions to increase the flow of low-cost loans to businesses aimed at protecting wage bills, the fall in sales and minimising lay-offs. “Our credit unions are ready to step up to assist.”