What is a Credit Union?
A credit union is a member-owned financial institution democratically controlled by its members. Credit Unions are operated for the purpose of maximizing benefits to their members through the provision of financial services at competitive rates. Unlike competing financial institutions, credit unions return their profits to members and reinvest in their communities.
Benefits of Credit Union Membership
As a credit union member:
- You become part-owner of a financial institution
- You have greater access to financial security, home ownership, educational advancements and small business/entrepreneurship opportunities
- You receive dividend payments and share in any surplus made
- You receive higher rates on savings and have access to competitive rates on loans
- Your savings are insured
- You have the convenience of saving by payroll deduction
- You receive personalized customer service
- You are eligible to serve in governance
- You can exercise your democratic right by casting your vote at Annual General Meetings
- You have opportunities for personal development and access to financial education
- You become part of a movement that reinvests in local communities
Credit Unions in Communities
Credit Unions are deeply rooted in local communities and are committed to working together to improve the quality of life of everyone in their communities. Here are some amazing ways that credit unions support and strengthen communities in Grenada, Carriacou and Petite Martinique:
- Sponsorship of community projects, clubs, events and school activities
- Grants and scholarships for primary, secondary and tertiary students
- Fundraisers for local charities
- Donations to local organizations that support youth and community development
- Financial literacy training for schools, members and the general public
Credit Unions and National Development
Credit Unions are significant mobilizers of savings. The savings accumulated by members are used for investment or consumption. This results in the stimulation of economic activity. Credit unions are making remarkable impacts on Grenada’s economy in the following ways:
- Small business job creation. Credit Unions finance employment of thousands by focusing on lending support to local businesses.
- Provision of vital capital to support the needs of small and medium-sized enterprises.
- Stimulate investments in human capital by financing education and health loans for members.
- Act as catalysts for financial inclusion and access through the empowerment of individuals, families and communities.
- Support during tough economic times.
- Credit Unions employ over two hundred persons and that annual wage bill surpasses EC $9 million.
