Credit Unions
Public Service Credit Union
“I always believed that CU’s in Grenada were a very well-kept secret. The perception was that CU’s were for the poor people, but today we are seeing people from all walks of life becoming members. Members find that we are not merely a financial institution, but we are also a social network of people. Many businesses are seeing the benefit of saving with us and also the rewards in gaining valuable contacts, leads and potential alliances with other members. We are a brotherhood of people coming together for mutual benefit.” Profound, fighting words from Lucia Livingston Andall, General Manager of the Grenada Public Service Co-operative Credit Union (GPSCU) the oldest Credit Union in Grenada. “This shows in our loans policy” she continues. “If a member does not have sufficient collateral for a loan for instance, we encourage them to find another member who can ‘co-sign’ or stand security for them, something we call “Co-Make” which reinforces our whole concept and philosophy of people helping people.” Andall, an MBA graduate of the University of Newfoundland Canada, also holds a Bachelors in Management studies from the University of the West Indies (UWI St Augustine). She believes the GPSCU is different from the other CU’s on the island. With a current Asset base at $171.8 million ECD (oct 2012), a loan base of around $150 million ECD and a Capital base of around $20 million ECD these are some impressive figures for an island the size of Grenada. And it is a Credit Union of ‘firsts.’ First and oldest Credit Union in Grenada, with the largest amount of assets of any CU in Grenada and the first CU to introduce ATM’s back in 2005 “We have celebrated 65 years in operation. In 1947 We started out with 21 members and $1.000 in savings and the rest is history as they say,” Andall remarks. Company, or a plethora of stocks and shares on the markets.” “We believe that there is room in the market for everyone. The banks have a lot more liquidity than we have, and most of them are externally based, so they have a head office somewhere and they can ship in money if needed. We at the Credit Unions only have access to the money we can garner right here in Grenada from the people.” In keeping with the CU philosophy Andall says she would gladly cooperate with other Credit Unions islandwide for the benefit of the consumer. Andall confirms that her Credit Union is curr