Govt/credit unions sign covid19 loan agreement

THE credit union movement on Friday signed a Liquidity Support Loan agreement with the Ministry of Finance and will start providing loans to credit union members whose normal income were affected as a result of the covid19 pandemic.

The programme, financed by Government, is intended to provide funds to members so they can continue to pay bills and feed families until their circumstances improve.

Loans will be granted at an annual rate of six per cent with a maximum principal amount of $15,000. Participating credit unions include the Community Care Credit Union, PSCU, Pentecostal Credit Union, VENTURE Credit Union, Runnemede Credit Union and Mason Hall Credit Union.

All will receive backroom technical support from the Central Finance Facility (CFF), the Financial and Developmental Institution of the local Cooperative movement. This follows the signing of an agreement with Government on April 27, for the establishment of a government-financed liquidity support loan facility which will back the coronavirus relief loan.

This loan facility was specially established to enable credit unions to provide the necessary support to members who have been negatively affected by the pandemic. Present at the signing were Finance Minister Colm Imbert, vice president of the Central Finance Facility (CFF), Lyndon Byer, and president of the Cooperative Credit Union League, Joseph Remy.

Individuals can access this facility by contacting their respective credit union or contacting the Central Finance Facility (CFF) at 739-4496 or via email at c19support@centralfinancefacility.com.