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Laborie Co-operative Credit Union
Profile:
Laborie Cooperative Credit Union was established in august 1976 and registered on 22nd May, 1981. The idea was born out of the recognition that the community needed to mobilize its financial and human resources on a self-help basis, for the development and improvement of the quality of life of the people of Laborie.
The Credit Union serves the Laborie region, including Riviere Doree to Saltibus, Black Bay, and La Resource to La Retraite.
Only members can benefit from the services of the credit union. To become a member one must be at least 16 years and must purchase at least twenty shares ($100). Parents can open deposit accounts for children under 16. Groups and organizations are welcome depositors.
The Credit Union is administered by a Board of Directors, Credit Committee and Supervisory Committee elected by members at the annual general meeting. Members of all three committees serve without pay.
Loans Policy:
· Only members of the Credit Union will be granted loans.
· All loans must be approved by the Credit Committee; however the Manager may approve loans within members’ savings, and other loans within the limits and conditions set by the Board of Directors.
· Loan applications by members who are unable or unwilling to provide information that is necessary for making a decision will not be processed.
· Applicants have the right to appeal to the Supervisory Committee in matters of grievance.
· Loans will not be made for domestic expenses e.g. to pay utility bills and house rent.
· Loans not disbursed within three months of approval must be re-applied for.
· Repayment: Members are required to save at least $5.00 on shares per month with loan repayments.
· Loans must be secured by cash (shares/deposits or other savings), co-maker, bill of sale, mortgage, or insurance policies which must be assigned to the Credit Union.
Summary of Annual Report
Coming Soon
Social Support Programmes
Hilary Darcheville Memorial Scholarship
Contact Information:
Allan Louisy St.
Laborie
Telephone: 758-455-9699
/ 758-454-6090
Fax: 758-455-9289
E-mail: lccu@candw.lc
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