Although Point Fortin has a high unemployment rate, the San Fernando Community Credit Union (SFCCU) has made the bold step of opening a branch in the southern borough.SFCCU president Ivan Thomas said Point Fortin was chosen because of its robust business community and developments at the nearby Labidco Industrial Estate.
"When we look at the economic indicators, although there are some negatives...we look at the other positive aspects of it, especially where the people are concerned because as you know the credit union is a people driven organisation.
"Then we look at the growth of the membership at our head office in San Fernando where a lot of the members are from Point Fortin and have been joining over the years so with that in mind we decided to come to Point Fortin where we can better serve those existing members and seek to encourage new membership."
Member of Parliament for the area, Paula Gopee-Scoon said while government statistics put the unemployment rate in the country at 3.75 per cent, she believed in Point Fortin and La Brea it was upwards of 20 per cent. She said she hoped the new branch would assist in lowering the unemployment rate and boost the economic status of the borough.Gopee-Singh urged Thomas to assist small and micro businesses by offering lower and more competitive rates of lending.
Thomas said the credit union, which has been in operation since 1948 in San Fernando, was ready to take on the challenges of a new business environment to continue on a sustainable growth path.He said four years ago, in 2008, the conversation about extending its services to Point Fortin started because a significant number of SFCCU's 9,000 members were from that community.However, the global economic crisis caused them to put the plan on hold.
"This move is testimony of the confidence we have in the Point Fortin economy and its people," he said"This signals a significant milestone in the growth and development of our society, in that SFCCU has always been conservative in our approach to doing business, always straddling the safest ground while putting our assets to work." Thomas said from 2008 to 2013 the credit union's unaudited asset base had grown from $66.8 million to $87.7 million–an 18 per cent net increase.
"This represents an average annual growth rate of 11.3 per cent. For the same five year period the credit union has paid an average dividend of five per cent per annum.Point Fortin Mayor Clyde Paul praised the SFCCU for its confidence in Point Fortin which he said could serve as encouragement for others to invest in the borough and boost its economic status."The SFCCU can play a role in the financial development of Point Fortin and offer valuable support to small businesses," he said
President of the Co-operative League Joseph Remy described the opening of the credit union branch as "one of the best things to happen to Point Fortin."He said he hoped SFCCU's presence in the borough would make it a better place.