Clinton Pickering, Freelance Writer

Christopher Samuda (second left), president of the Jamaica Cooperative Credit Union League, discusses with Melrose Wiggan (left), administration manager of the Jamaica Teachers Association Cooperative Credit Union, the programme for the church service to launch Credit Union Week activities in the county of Surrey, while Brenda Cuthbert (centre), general manager of COK, looks on. At right, Aleah Williams talks with her mother Maxine Wilson, general manager of Palisadoes Credit Union. They were getting ready to enter the St. Andrew Parish Church, Half-Way Tree, yesterday. - Contributed

Prime Minister Portia Simpson Miller has challenged the credit union movement to be more accommodating to persons seeking loans without the required collateral.

In a message to the Jamaica Cooperative Credit Union League, Prime Minister Simpson Miller said, "As you move forward in your quest to make a world of difference in the lives of your members, I ask that you be more accommodating to persons who, for whatever reason, are unable to supply you with the kind of collateral you require for business loans. We have to find more creative ways to engage our entrepreneurs and help them to release the talents and business acumen which they possess."

The Prime Minister's message was read by Senator Noel Sloley, at a National Credit Union Week Church Service on Sunday, October 15, at the St. James Parish Church in Montego Bay. National Credit Union Week is being observed October 15 to 21.

Early retirement

She has also urged the credit union league "To intensify your efforts to get more members to begin planning for their retirement." Mrs. Simpson Miller said, as life expectancy increased in Jamaica, and throughout the region, employees would have to commence retirement planning earlier in order that they have sufficient funds on which to survive in their later years."

Looking at the national credit union movement with its 850,000 members, the Prime Minister said many Jamaicans could attest to the fact that "membership in a credit union has indeed made a world of difference for them and their families." She noted, "Several small businesses can also sing praises for the opportunities that the credit union has created for them."

The theme for the week is 'Credit Unions ... Making a World of Difference' and Prime Minister Simpson Miller noted that the umbrella organisation "has facilitated the creation of a positive and trustworthy environment in which credit unions operate and serve their members." She affirmed that, "The movement has an enviable reputation of a solid and strong financial base, steady growth in membership and low default on loans. Members are provided with sound financial advice and encouraged to save toward achievable and worthwhile goals."

She said the credit union movement has made a significant contribution by way of the assistance it has given to the small and micro enterprise sector. The Prime Minister said it was doubtless that the small business sector was aptly poised to be the catalysts for economic growth and development and that it was generating a significant amount of new jobs in the economy and enables self-employed persons to be the masters of their own destiny.

In fact, she added, several well established and well known businesses got their first start based on the confidence that the credit union had in their business idea and their ability to achieve; and, she affirmed, "it is this faith and belief in the ability of members to accomplish their stated goals that keep the movement alive and well in Jamaica."