New Credit Union launched

Hundreds sign up to International Decade for People of African Descent Credit Union

July 6, observed as UN Int’l Day for Cooperatives

DPI, Guyana, Saturday, July 6, 2019

A new credit union has been launched by the International Decade for People of African Descent Assembly with the mandate to improve the lives of individuals seeking to formulate their own businesses.

At the launch on Saturday at the Critchlow Labor College, CEO, International Decade for People of African Descent Assembly, Olive Sampson said the main reason behind the establishment of the credit union was to provide persons of African descent who are desirous of becoming entrepreneurs or facing financial challenges, with access to credit.

“Persons must be able to get access to a loan to start up a small business, to buy a computer for their children and so, we decided to respond. Today is the United Nations International Day for Cooperatives which identifies economic development. President David Granger had called on African Guyanese to come together in response to the UN mandate, which focuses on five areas, which are, equity, education and economic empowerment,” Sampson explained.

She added that persons registering can get access to credit to establish any business, within the small or medium scale.

“The size of the loan will be determined by the Management Committee of the Credit Union; we will be visiting various communities throughout Guyana to launch this project. Here at the Critchlow Labor College, we hope to get more than 700 applications,” Sampson remarked.

The verification process for the Credit Union will adhere to the Coop Rules and Regulations of Guyana. Applicants are required to make a $1,000 pledge when filling the application forms, after which a verification process will be conducted by the management committee before persons can become members of the International Decade for People of African Descent Credit Union.

Sampson noted that it is important that citizens are aware of the history of the cooperative movement in Guyana. Emphasising that cooperatives have always been a critical part of the history of African Guyanese, she cited the example when in 1838, emancipated Africans pooled their finances and bought abandon plantations, establishing the first cooperative action in Guyana.

Images: Marceano Narine