Credit union launches ‘green’ loan
One of the island’s cooperative credit unions will be launching a “green” loan on Saturday, during the debut of its 30th anniversary Founders’ Day Extravaganza on Weymouth “B” Grounds, St. Michael.
At a media launch at Solidarity House, Harmony Hall, St. Michael, yesterday general manager of the Barbados Workers Union Cooperative Credit Union Ltd, Corinne Clarke ,the loan would assist Barbadians to retrofit their homes with photovoltaic panels, so they could save on their light bills.
“We are allowing members to borrow at a reasonable and reasonable terms, for the length of time. We have stretched it out, so that the monthly payment is affordable,” Clarke revealed.
“. . . As you know, the way it works is that you give back to the grid. You are selling power, as opposed to buying it. So what it does, is that over time, you would see a significant reduction in your light bill. So your light bill kind of matches your loan payment. So, as opposed to your light bill, you are paying the loan,” interjected marketing and member relations manager Tisha D’Hayle.
D’Hayle said she hoped Barbadians would attend the free extravaganza, which runs from 9:30 a.m. to 6 p.m., and that interest could be created about this loan. She suggested that while the upfront investment in the PVC system might be substantial, the repayment was affordable monthly, for the average householder.
General manager clarke also pointed to other benefits of investing in this alternative energy system.
“Not forgetting you have the tax credit. You claim 75 per cent of the original cost in the first year up to $10,000 and then again 75 per cent in the second, up to $10,000. So you get back from the Government as well. Overall it is an excellent investment for Barbadians, especially those who are now building,” she suggested.
The administrator said the credit union would be marketing this loan, along with its mortgage products.
“So that you benefit from that . . . you don’t have to retrofit your home, but in the building stages, you include the PVC systems.
“The extravaganza, which will also feature fun and games and a historical memory lane segment, is in honour of the credit union founders: from Evelyn Greaves and Ambassador Robert “Bobby” Morris to current president Dalton Medford.
“We are celebrating 30 years this year and 30 years is a significant length of time. The credit union has grown significantly since then, from just under $500,000 in total assets under the watch of Evelyn Greaves and Ambassador Morris, to $85 million in 2013; and right now, we are under the watch of Dalton Medford, who is the president and Marsha Greenidge, who is the secretary,” Clarke announced.
She said the credit union management thought it imperative to recognize the founders of the institution and share with the members of the body, where it had come from – hence the Founders’ Day Extravaganza.
Looking to the future, the general manager disclosed that the institution, which is housed on the top floor of the historic building located at the corner of Nelson Street and Fairchild Street, would soon be occupying the ground floor as well.
She pointed out that consideration was also being given to expanding outside of Bridgetown, having already identified the Warrens, St Michael and St Philip areas as possible locations. (EJ)