Press Releases

Credit Unions Ease-the-Burden Package for Members– COVID-19

THE CREDIT UNION movement is offering a helping hand to its members who are under financial stress caused by the unprecedented effects of the novel coronavirus (COVID-19) global pandemic.

Under the guidance of the umbrella body, the Barbados Co-operative & Credit Union League Ltd (BCCUL), the island’s credit unions have agreed to offer significant eases designed to make more income available to members at a time when they need to prepare their households, may face the possibility of increased medical expenses, while also confronting widespread downsizing by their employers.

A number of concessions have been agreed on that will take effect over the next three months and decisions will be taken on a case by case basis depending on the individual member’s circumstances.  The substantial Credit Union Help to members comprises:

     -  A moratorium on the principal payment for existing loans for a period of 3 months. This will be reviewed at the end of the period, with the possibility of a further 3-month extension.  

     -  A waiver/reduction of penalty interest for late loan payments

     -  A waiver of application fees for any new loans

     -  A waiver or reduction in penalties for early withdrawal of Certificates of Deposit (fixed deposits) for regular and small business members.

The Credit Unions’ leadership explained that the significant help measures were not new to the movement, but part of its DNA of meeting the needs of Barbadians who may have been marginalized by the traditional financial sector.

General Manager of the BCCUL Mr. Anthony Pilgrim explained that like businesses, it will be crucial for households to carefully manage their expenses in the coming months. He noted that the leadership of credit unions across the island came to a consensus on the way forward following a recent conference on the unfolding health and economic emergency confronting the island and the region.

Meanwhile, Hally Haynes, president of the League reminded credit unionists that “the body has been there for members in the past and was committed to being there for them during this period of uncertainty”.