GECCU launches new loan for water tanks

With the recent forecast of an active hurricane season, a local financial institution has launched a loan programme for purchasing water tanks, in the event of water loss during a natural disaster.{{more}}

The General Employees Cooperative Credit Union (GECCU) launched an extension of its ‘Weathering the Storm’ loan package, first introduced in 2007, on Wednesay, June 8, 2011.

GECCU Vice president Clarence Harry, who described it as the institution’s “newest and most innovative product”, said: “This is to help our members be prepared… so that in an unforseen event, they are not left waterless.”

Harry also said that as a “social player in the development of St. Vincent and the Grenadines”, GECCU has a responsibility to address their members’ concerns – and the launch of the water tank loan showed that it is at the forefront of doing so.

In brief remarks, GECCU chief executive officer Lennox Bowman explained that the loan is available to all members at any time of year.

It carries a nine per cent annual interest rate; and members can borrow up to $10,000 with a repayment period of under five years.

The loan covers the purchase or contruction of the tank, its installation and fittings.

Bowman pointed out that the loan demonstrates GECCU’s expanding range of services; continuing work with partners and stake-holders; and its commitment to social responsibility.

Central Water and Sewerage Authority (CWSA) general manager Garth Saunders encouraged households to invest in these tanks to harvest and store rainfall.

He pointed out that every year, the water supply to households in various regions is adversely affected for reasons beyond CWSA’s control; and it benefits families if they have an alternative water supply.

“A 600 gallon tank can supply a five-member household with water for four days.”

Tanks are available for purchase at the Agricultural Input Warehouse in the following sizes: 450 gallon ($585), 600 gallon ($887.47), 800 gallon ($1,368), and 1,000 gallon ($1,536.11). Delivery is an option.

There were also brief remarks from Cheryl Bacchus, GECCU senior marketing officer; Houlda Peters, NEMO marketing officer; and Ophelia Henry, secretary at the Agricultural Input Warehouse.