BPSU: Strategic Partnership With Credit Union

October 23, 2017 | 4 Comments

The Bermuda Public Services Union [BPSU] has “entered into a strategic partnership with the Bermuda Credit Union, saying that “by providing greater access to credit, the BSPU believes that this partnership will make a real difference in the lives of our members.”

BPSU President Jason Hayward said, “The Bermuda Public Services Union [BPSU] joins with the rest of the world in recognition of International Credit Union [ICU] Day.

“Celebrated on the third Thursday of October since 1948, ICU Day is an opportunity for Bermuda to reflect on the history and the achievements of the credit union, to share members’ experiences and to recognize the positive impact it has on the wider community.

“The ultimate goal is to raise awareness about the significant work that credit unions are doing around the world and give members the chance to become more engaged. The theme for 2017′s ICU Day – “Dreams Thrive Here” – illustrates how credit unions and other financial cooperatives serve as catalysts to help make members’ aspirations become a reality.

“To this end, the BPSU is pleased to announce that it has entered into a strategic partnership with the Bermuda Credit Union [formerly BIU Members Credit Union]. By providing greater access to credit, the BSPU believes that this partnership will make a real difference in the lives of our members.

“Here is how it works:

  • After six months, a Bermuda Credit Union [BCU] member ordinarily qualifies to borrow four times the amount saved. As a result of this partnership, the collateral requirement for loans up to $5,000 and the six month membership requirement will be waived for all BPSU members. Over the next twelve months, the BPSU will guarantee the collateral requirement for the loans up to $5,000 for its members on a needs assessment basis.
  • A BPSU member may either approach the BCU directly for this special offer or contact the BPSU who will liaise with the BCU on behalf of the BPSU member.

“This is the second time that the BPSU has partnered with the BCU to provide greater access to credit for its members. Under the previous partnership, eighty two members gained access to over $350,000 in loans from the BCU.”

Share via email

Read More About

Category: All, Business, News

Comments (4)

Trackback URL | Comments RSS Feed

  1. alistair m says:

    what happened to these: Under the previous partnership, eighty two members gained access to over $350,000 in loans from the BCU.”

    • Family Man says:

      No need to worry about the details. Jason’s found the money tree.

      In three years time the government will be bailing out the BCU. Again.

  2. Bermudian Patriot says:

    Any loan defaults? What’s the penalty for default? If you don’t wish to partake in this, are you liable?

  3. aceboy says:

    Default rate on the loans?

Leave a Reply

="banner728-container bottom clearfix">