Building and Loan wooing Young Savers

The St Vincent Building and Loan Association(SVBLA), is a financial institution of 80 years standing. However, it is ensuring sustainability and longevity by paying special attention to attracting a younger demographic. In fact, Andrea Patterson, Supervisor of Customer Service, and Assistant in the Loans Department with over three decades of experience said they have observed changes in the client base.

“A lot of young people are coming in because they want to study, they want a loan to go overseas,” she said on Friday, July 26 at the financial institution’s Customer Appreciation Day.

“ We have land loans, we have mortgage loans, and we have savings accounts…The kids are not left out because from the day that they’re born, they can have what is called a smart savers account, and for that, interest rates are very attractive.”

Patterson said a Smart Savers account returns four percent interest per year which, “You wouldn’t get anywhere, so we are trying to push and encourage the young people to start saving very early so at least they can assist in their education, and then even after- their college and university”.

The indigenous institution is collectively owned by its members. “[When] we make profits, we spill it over to our members,” Patterson remarked.

SVGBLA provides full scholarships and other financial support to children who were successful in the CPEA exam and those pursuing higher levels of education and training.

Marketing Officer, Candice Sealey expressed the importance of such incentives in the community-driven, financial institution.

“Building and Loan is nothing without its customers, so today we’re saying to the customers, we appreciate you!”

SVBLA has conducted money management and saving sessions with schools across St Vincent and the Grenadines, as well as organisations such as the Girl Guides and Police Youth Clubs.

Sealey expressed her willingness to work with younger persons through various events and activities, and stressed the importance of beginning to save from early in life.

Last Friday’s Customers Appreciation Day had a range of acts on offer including a membership lounge, a breakfast pit-stop, a rewards and nurses station, and a spa experience by Grenadine House, offering customers a chance to relax and unwind.

There were samplings from Vincy Fresh, an ice cream hour, as well as mixologist, and bartenders from Grenadine House.

Throughout the day, members had the chance to be entered into a draw for $250, and existing customers were rewarded when they made deposits into their accounts, or payments towards their loans.

Sealey also spoke about the institution’s launch of its storm response given that this hurricane season is predicted to be very active, “and we want to help people with that”.

Annette Pierre, a member told SEARCHLIGHT that she opened an account for her daughter when she was 10 years old, and she herself joined a few years later. Her daughter is now 28, and is still a member of the institution.

Pierre said she generally has had a good experience with the institution over the years; she however, has been encouraging her daughter to save in multiple institutions even though she will always choose Building and Loan over other financial institutions “because it’s local [and] it’s always better to support local”.