Proud of the Past... and Future Prospects
Wednesday April 26th, 2006

Secretary/Manager of the Grenada Building & Loan Association, Byron Campbell is proud of the role the Association has played in the lives of those of its 5,000 plus members who have taken advantage of its services.

He is also proud of the way they are gearing for the future, making use of modern technology, and continuing to develop the strong "human" side of the organization which has the flexibility to accommodate members who get into difficulties with their mortgage repayments due sometimes to loss of income.

The willingness and ability of the Association to adjust payments until things get better has helped many a member to save their property, Campbell said.

Another advantage enjoyed by members who take out mortgages with the Association is that it does not amortise loans as most banks but charges interest on the reducing balances. This provides greater flexibility to the mortgager and overall payments are less when compared to an amortised loan.

The Association serves mostly the middle and lower stratas of society and the maximum loan offered is $300,000. At present more than 2,000 loans are on the books.

The establishment of this website on the worldwide web is very important to the Association. This website would be of particular interest to members of the Association living overseas. They make up 25% of the membership of the Association.

He hopes to see more young people getting involved in purchasing shares and building equity through savings that could lead to property ownership.

To this end the Association has been reaching out to the community by visiting workplaces and making presentations about the advantages of membership.

The Association has been meeting its social responsibilities by providing donations to community groups and secondary scholarships. Altisha Frederick was one of the recipients of a five year scholarship worth $1,000.00 per year. Donations were given to Presentation Brothers College, Rotract of G'da, Girl Guides of Grenada and other organizations.

A Customer of GBLA Speaks Out
Wednesday April 26th, 2006

You hear the following everyday: "It is difficult to save money", "My savings account is going nowhere".

It is easy to understand why this happens. Yes, we put money in the bank, monthly or otherwise, into a savings/deposit account. The problem: we are accumulating money without a plan. The other money issue is investments. It is easier than you think and anyone can invest if he/she can discipline him/herself to put aside from EC$1.00 upwards per month.

There is a small Finance and Investment Company in St. George's called The Grenada Building & Loan Association (GBLA). Whereas many people have not taken the time out to learn about it, those who know it use it to get mortgage and invest their money. GBLA has been around longer than all of the commercial banks providing financial services to the Grenadian people. Yes, for 80 years - since 1925.

What excites me about GBLA is the ease with which service is provided and money is made. Here I am talking about getting a loan to purchase land and then build my home and buying subscription shares. These shares cost EC$1.00 each and mature about eight and half years or 102 months at EC$150.00. So when I buy 100 shares at $100.00 and subscribe to these shares monthly for the period, I am collecting a cool EC$15,000.00. All I need is the discipline to pay my EC$100 every month. If my investment, however, was $250, I would be collecting ($250X100) EC$37,500. I have already calculated that I would be paying into GBLA over the eight and half years a total of EC$25,000.00. My profit - EC$12,000.00! Now tell me which bank can match this.

Folks, your investment plan can be anything you want it to be. You must decide on the amount of money you wish to allocate for your investment on a monthly basis. Be realistic. If you can afford only EC$50 then start by buying 50 shares. Your investment plan would generate (50X150) EC$7,500. Time moves fat, eight and half years comes in a short time.

You may be interested to learn further that you can get a share loan on the value of your shares, up to 75% at anytime at 8% interest. And further still your share purchase makes you a member of the GBLA which qualifies you to apply for mortgage financing to purchase land, renovate or build your home.

You would find the GBLA staff knowledgeable and able to answer any of your many queries. You would be interested to know that you can withdraw your shares with paid up dividends at any time.

Believe me; this "thing" is good for many of us who cannot save money in banks for one reason or the other. Young people in particular with the need to build equity for purchasing property now or in the future should consider the GBLA. Preference shares are also available, but I like the Ordinary or Subscription shares.

Finally, the GBLA has trustworthy staff, and the latest computer and information technology. Statement and updates on accounts are available at short notice. Their operating hours are convenient to you - so take the time out and see them. It will be a good investment in your time and money. It was for me!