LCCU stands by the global credit union creed “People Helping People” and it is no different during these uncertain times. During the first announcements around the outbreak of the pandemic we quickly did a review of our portfolio and proactively reached out to our members in the tourism sector that were directly impacted. We expressed our concern and provided the assurance that LCCU would help them navigate through the difficult time ahead.
Having held discussions at Credit Committee and Board Level our first plan of action was giving our members an initial three (3) month loan payment deferral. This was communicated to our regulators, the Anguilla Financial Services Commission. Following that initiative, we then unveiled our COVID-19 Relief Funding Program in May 2020 thru July 2020. Understandably, this assistance program was directed to members directly affected and allowed them to have access to much needed funds to assist them during this time.
During the lock down period and until now, we have kept in touch with our impacted members. As the effects of the pandemic continued and the border closure was extended, we likewise extended the loan payment deferral and included members in direct linkage industries who were also affected as well as other with a decrease in work hours, which translated to reduced income. In a few cases, we have offered loan restructuring to provide an ease with the loan repayment.
LCCU continued to explore options to assist our members during the summer by offering members a special back to school loan promotion at a significantly reduced interest rate. We continue to review our portfolio and seek avenues to assist our members not only through special loans but also through free financial counselling. As a Family, we always seek to ensure that our members know we care about them and we are available to help them navigate through these challenging times.
As a Valued Member, whether or not you have a loan with Liberty, please note that we are available to assist you with any difficult decisions that you are facing during this crisis. You don’t have to struggle alone, we are here to help! Visit our website www.libertyccu.com to book an appointment with us!