These were the words of President of the credit union Mr. Leroy Cadet to the 20th Annual General Meeting and the figures as presented to the meeting lend credence to this declaration.

The report on the credit union’s financial performance showed an increase of 535 in the membership or 8.0% from 2005 to 2006.
Loans rose from $11,397,352 in 2005 to $12,877,153 in 2006, an increase of $1,479,701 or 13%.
Regular savings rose by $455,196 or 4.6% and there were also increases in the value of Term Deposits, Call Deposits Common Shares Pledge Savings and reserves.
Total assets now stand at $18,381,524 an increase of $2,985,588 or 19.4% over last 2005’s $15,395,936.

As far as income is concerned the Grenville Credit Union recorded increases in Loan and Interest Fees, Investment Interest and Dividend and other sundry income, in all an increase in income of $306,805 translating to 19.5%.

Expenses were also on the rise especially in the areas of allowance for loan loss, other operational expenses and deprecation. The total increase in expenses was $330,978 or 28.8%. The management of the Grenville Credit Union is proud to have delivered on its promise to introduce new services consistent with the economic and social status of the general membership.

The Education savings Plan/Education Expenses Loan Facility offers members the opportunity to save for their children’s future from kindergarten to secondary education and beyond.

Other new services include the back to School Loan Program, the Pledge savings, the saving Secure Loan, the Christmas in November Loan Program.

During the period under review the Credit Committee along with the Loans Department and Manager continued to work closely together to ensure that very high standards were maintained in terms of service delivery to borrowers.

Approximately seven million dollars worth of loans were disbursed as compared to four point seven million, an increase in disbursement of two point three million over the previous period.

According to the credit union’s report the areas which experienced the greatest demand during the year were vehicle purchase, loan refinance and repairs/renovations.