HAMILTON, Bermuda–The Bermuda Public Services Union has entered into a “strategic partnership” with Bermuda Credit Union in order to provide greater access to credit for members. The announcement was made on International Credit Union Day.
According to the two organizations, typically, after six months of membership, a Bermuda Credit Union member ordinarily qualifies to borrow four times the amount saved. As a result of the partnership, however, 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 12 months, the BPSU will guarantee the collateral requirement for the loans up to $5,000 for its members on a needs assessment basis, the organizations said.
“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, 82 members gained access to over $350,000 in loans from the BCU,” said BPSU President Jason Hayward.