Banana trees which were felled by Hurricane Ivan at the Eastern Banana Estate in St. Thomas two weeks ago. - NORMAN GRINDLEY/Staff Photographer THE JAMAICA Co-operative Credit Union League (JCCUL) has established a special loan fund of $50 million to assist credit union members whose homes and livelihood have been badly affected by Hurricane Ivan.
The Special Loan Fund, available until November 30, provides funds to credit unions to provide loans for members at an interest rate of nine per cent per annum on the reducing balance.
The JCCUL represents more than 730,000 members in 51 credit unions across the island. This means that any credit union member who suffered losses as a result of Hurricane Ivan can apply to their credit union to access loans of up to $100,000 to effect repairs to houses, replace tools of trade, livestock, poultry and crops.
This assistance is in addition to that already being given by individual credit unions islandwide.
In expressing the movement's sympathy for the loss of lives and property in Hurricane Ivan, JCCUL's general manager Glenworth Francis noted that the movement has risen to the occasion in order to "alleviate the suffering of credit union members."
RECONSTRUCTION EFFORT
Additionally, JCCUL is also donating $100,000 to the national reconstruction effort through CVSS-United Way.
Hundreds of credit union members in the parishes of Clarendon, St. Thomas and St. Elizabeth have already benefitted when, last week, JCCUL donated potable water and food supplies to their credit unions for distribution. This assistance was the result of the expressed need by these credit unions for immediate assistance for members in the worst affected parishes.
