JIS News

Benefits available through the People’s Cooperative Bank and the Portland Cooperative Credit Union, were extensively discussed at a community meeting sponsored by the Port Antonio Regional Office of the Jamaica Information Service(JIS), at the Boston Community Centre on Thursday (February 5).
The meeting sensitised residents of Boston and surrounding communities, about how to access membership in financial institutions, and the types of financial assistance they can access by virtue of their affiliation to the institutions.
Manager of the Buff Bay People’s Cooperative Bank, Kingsley Davis, said that the PC Bank’s aim was to take care of the financial needs of people in the communities in which they are located.
Noting that the bank has changed it’s lending policy from providing loans only for agricultural ventures to making financial assistance available to members for a number of other purposes, Mr. Davis explained that those purposes included the purchase of motor vehicles, furniture and other household items; establishment of business ventures; and to address special personal needs with which members are confronted from time to time.
He said that the core business of PC Banks is taking savings and providing loans for customers. The loan packages attract the lowest interest rates among financial institutions and interest is paid on savings four times per year.
He stated that collateral accepted by PC Banks for loan disbursement, include land titles, motor vehicle titles and life insurance policies, and asserted that every loan has to be insured, except in cases where they are supplied to persons over 70 years old.
In his remarks, Manager of the Portland Cooperative Credit Union, Martin Blackwood spoke about the various loan packages offered by the Portland Cooperative Credit Union.
He said the major objective of the Credit Union is to help the people of Portland manage the financial resources they possess. Some of the major offerings are the Partner Plan, the Christmas Savings Club, the Senior Citizens Savings Plan and the regular savings plan.

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