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| Volume No. 1 Issue No. 21 - Friday, May 17, 2002 |
Roseau Co-operative Credit Union
An Opportunity to Help Dominica & Yourself
by: Thomson
Fontaine
Would you like to contribute to Dominica�s development and grow your wealth at the same time? Then the Roseau Co-operative Credit Union Limited (RCCU) can easily help you achieve both these objectives.
A Little About RCCU
RCCU was registered as a financial co-operative in May 1951 with assets of $600 contributed by 68 pioneer members. Today it is a leading financial institution in Dominica, the largest credit union in the OECS and a Caribbean success story. It�s annual report for 2001 records the following
| Membership |
28,710 |
| Assets |
EC $153 million |
| Shares |
EC $ 66 million |
| Loans outstanding |
EC $127 million |
| Surplus before appropriation |
EC $ 5 million |
RCCU is governed by a volunteer Board of Directors elected by and from the general membership. It is regulated under the Dominica Co-operative Societies Act No 15 of 1996. As a Dominican institution, RCCU�s surplus funds remain in Dominica and are used for the development of the country and its people.
How RCCU Helps You To Contribute To Dominica�s Development
Like credit unions worldwide, RCCU is made up of people �its members who are also its owners � coming together to pool their money to provide credit and to offer financial services to each other.
The monies you save and invest in RCCU are monies invested in Dominica�s future. They would form part of the pool of funds for onlending to members for provident and productive purposes. Members use RCCU loans to build homes, educate themselves and their children, fulfill other human development needs and also for starting and developing small enterprises.
By making credit accessible to all members, particularly these persons in the low income bracket, RCCU has contributed significantly to Dominica�s socio-economic development over the past 50 years. Thousands of Dominicans have benefited from its credit programme accessing a record half billion dollars in loans from 1951. Over the 50 years, they have used these funds to help build Dominica. The impact is seen in improvements in the standard of living and quality of life, development of the country�s human resource and the stimulation of employment, production, productivity and efficiency.
Every year, RCCU shares its success by returning a portion of its net surplus to community organizations in the form of donations, sponsorships and scholarships. The annual award of four scholarships, which allow children of members to attend secondary school is one example of how RCCU shares its success for human development.
How RCCU Helps You
RCCU has consistently been able to offer members competitive returns on their savings. Presently, its interest rates on savings are among the best available in Dominica.
When you save in RCCU, the impact of your investment is two-fold. RCCU�s competitive interest rates help grow your wealth by paying good returns on your savings. And when you increase the pool of capital available to RCCU for granting loans that stimulate economic growth and drive social development, you translate a desire to help Dominica into tangible action.
RCCU�s Member Retirement Account (MRA) and fixed term deposit accounts are two products with appeal for persons looking to grow wealth and invest in Dominica for the medium to long term. The MRA allows you to earn a guaranteed premium interest rate of 8.5% per annum on your investments. You can log on to www.rccu.net/mra.html for more information on this super productive, super flexible plan.
RCCU�s tiered rate fixed term deposits help you to grow your money�s worth. For rates and information on one of RCCU�s fastest growing savings products, log on to www.rccu.net/fixeddeposits.html.
We invite you to take this opportunity to help Dominica and yourself by joining and participating in this exciting and successful movement of �people helping people� For information on joining RCCU from overseas, you can log on to www.rccu.net/oversees.html. Or call us at telephone (767) 255-2172 -fax (767) 255-2109 and by e-mail: [email protected].
Welcome to RCCU.
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