The Grenada Union of Teachers Credit Union has provided grants totaling over forty thousand dollars to help their members offset the cost of outfitting their children for secondary school.
GUT Credit Union awarded the grant of $300.00 to each child of their members who passed the Caribbean Primary Exit Assessment, formerly known as Common Entrance.
Cash of $250.00 was given directly and another $50.00 is to be deposited in Smart Saver accounts, a junior savings plan product for the students.
Members are expected to use the money for the purchase of text books, uniforms and general school supplies.
The credit union presented cheques to 143 students on August 16 during a brief ceremony held at their Horizon Plaza building.
The GUT grant is a promotional tool but also aims to assist members and was started in 2005.
The annual grant programme for the children of GUTCU members is managed by an Education Committee, subcommittee of the Board, dealing with education and training financing for members.
According to President of the Board of Directors, Joslyn La Touche, the GUTCU has awarded $388, 000 during the period and 1284 students have received grants.
“As part of our social responsibility, the GUT Credit Union recognises the importance of higher education in a lifelong learning”, said La Touché during the presentation event.
The GUTCU has no limit on the number of recipients per household or in general and students are not chosen based on their grade in the CPEA.
“There is absolutely no discrimination in regards to performance and no limit on the number of students who are eligible.
“This therefore means that at the Credit Union we are prepared to assist as many of our members as possible.
“These benefits for all members, provide equal opportunities for all, which is reflected in our Credit Union’s philosophy and the way we do business.
The grant cheques were presented by Chairman of the subcommittee on education Cornice James and Deputy General Manager Randy Frank.
The GUT is one of the largest credit unions in Grenada with member deposits in the region of $200 million in Grenada and assets also over $200 million.