By ANNELIA NIXON

anixon@tribunemedia.net

The Teachers & Salaried Workers Co-Operative Credit Union Limited and The Bahamas Union of Teachers have partnered to generate $20m to provide financial opportunities to BUT members.

Byron Miller, general manager of the TSWCCU, said during a press conference with BUT and TSWCCU yesterday that these opportunities will aid those seeking financial arrangements related to mortgages and home renovations.

“The credit union will offer a range of financial solutions to the members of the BUT,” he said. “This initiative includes financing options for mortgages, for home and investment property ownership, switch mortgages, home renovations, debt consolidations and personal education loans, for those members that are seeking to pursue higher degree studies.”

He noted that the initiative will benefit teachers, teachers aides, guidance counsellors and librarians. Leroy Sumner, chairman of the board of the TSWCCU, added that contractors, plumbers and electricians may also benefit.

“One of the things that will come out of this for us, and I was speaking with the general manager just a little while ago, is that we’re not only providing for the homes but we have in the system many persons who are contractors who are members of the teachers credit union, many who are plumbers, many who are, electricians, they also stand to benefit because,” Mr Sumner said.  “We will take a register  of all those contractors who are members, all those who are electricians, all those who are plumbers, , all those who are in the building trade. They can sign up with the credit union so that whenever these houses are being constructed we know we’ve got a ready source of persons available who could be engaged in these turn key operations.”

Mr Miller said that he knows that there are competing financial institutions that members can go to. However, he said the process of acquiring a mortgage loan, or any other benefit that is being offered through the union is going to be “easier” and less “complex” than it would be with a bank.

“Our turnaround time, our level of responsiveness, our connectivity  with our members, remains  at a very high level,” he said. “As a matter of fact, we’re bragging of a member retention rate of 98 percent. Other financial institutions cannot brag of that. So that tells you, are members are in this for the long haul and we want to deliver the solutions to our members that they need without the hassle, without the interrogation, and maintaining  the level of respect for the member.

BUT president Belinda Wilson also commented on retention and noted that teachers are not getting paid, “as high as we expect or would want it to be”. She said the benefits being offered will, “ensure” BUT members are able to own a home.

Mrs Wilson said a mortgage fair will be held on October 5 to assist members who are interested in purchasing a home. 

“My heart is really full because from 2009 we’ve been trying to get our members into houses and all of you know that a house would be the single most largest investment that an individual can make  and for us to have our teachers in their own homes, thats goes well with our vision to ensure that were able to assist our members, for our members to benefit for their lives to be better.”