Dozens of persons yesterday signed up to join a credit union catering to Afro-Guyanese which is to be officially registered by the International Decade for People of African Descent Assembly-Guyana (IDPADA-G).
After repeatedly hearing about economic issues from the Afro-Guyanese community during its numerous outreaches across the country, IDPADA-G yesterday hosted a sign-up event for the soon-to-be-formed credit union, which is intended to facilitate easier access to loans. The event was held at the Critchlow Labour College on Woolford Avenue.
Although the event was scheduled for 11 am yesterday, persons reportedly began arriving at the location since 7 am.
IDPADA-G is hoping that when the Guyana National Co-operative Union Limited sees that a lot of people have already committed to joining the credit union, it will have no problem making it official.
Like any credit union, IDPADA-G has criteria that prospective members must meet but Chief Executive Officer Olivia Sampson said it will be flexible with persons who are in need. “We would like this to be a credit union where we have the ability to sustain and to be responsive and we are hoping to have a window for micro-credit for small businesses. We are going to offer the kind of flexibility and invest in someone who has a need but doesn’t have the requirement,” Sampson said.
Sampson related that they are focusing on the entire spectrum of the African Guyanese community and hopes that other organisations can assist them, especially when it comes to the upcoming business people who are in most need. She revealed that during their numerous outreaches, which took them all over the country, they kept hearing a recurring issue, that is, the fact that most people have difficulties accessing loans.
She said although banks are giving loans for entertainment activities, such as the annual Jamzone event, and items like cellphones, they rarely give out loans to persons who would like to buy a computer for their child or to those who would want a loan to purchase a sewing machine to start a small business. “We thought that we needed to respond to that, coupled with the fact that the United Nations theme for the Decade identifies development [as one of the central needs],” she said.
Further, it was revealed that IDPADA-G will hold countrywide sign-up events so persons from across the nation can join the credit union. The next sign-up event will be before Emancipation Day. Sampson also revealed that the credit union is for all African Guyanese, whether they are farmers, homemakers or anybody who wants to start a business. Additionally, she said that persons who are trying to educate their children but don’t have the funds can join the credit union and they will do their best to assist them even if they do not meet all the requirements.
Troy (only name given), who was in the process of signing up to join the credit union, told Sunday Stabroek that it was a great opportunity as he said that most banks were partial when it comes to giving loans to people of his ethnicity. “I feel this is a great idea and I don’t want to be biased but for a long time, people of my kind have been sidelined so if this would assist and do justice for us. That would be nice,” the 37-year old related.
Further, he said that when or if the credit union becomes official, he hopes that it will be able to assist him with his small but growing business.
Meanwhile, Sampson said that the credit union is similar to when newly emancipated Africans came together and bought plantations with the money they saved. “Based on that powerful movement or example of our strength and ability to come together, we feel that we can once again spark that energy that drives that success by coming together,” she said.
Sampson further revealed that the application for the credit union to be registered is already completed and will be submitted during the course of next week. “It is our duty to respond to the need of the African people and the need is great so were going to make every effort to find ways to be responsive and we know that coming together in this way, we will be able to respond, “ Samson concluded.
At the event, Ayodele Woolford said that he didn’t expect the endeavour but thinks that “it’s awesome.” He said that he is hopeful that it becomes official because he has a small mining operation but he is unsure what he will be able to access as he has not seen any loan on the list that covers his area of business. However, he said that he is still interested as some of the services that they intend to provide will benefit him.
Another of those interested, June Bacchus, revealed that she is a contractor and tries to provide jobs for young people so they can upgrade themselves. “I would like to get through with a loan if the credit union becomes official ‘cause business is sometimes slow and I have children to feed,” she said.
Ivelaw Duke, 78, revealed that he is joining the credit union because he is badly in need of financial assistance and hopes that the credit union, once officially established, can assist him.
