August 22nd, 2018

FND Enterprise Co-operative Credit Union Ltd. is St. Kitts & Nevis’ new Enterprise Credit Union. We understand that you work hard for your money and shouldn’t have to pay big fees to spend or save it. At our Credit Union, we believe in people helping people, so our products and services are designed without all the extra charges and restrictions. And as a member, you are also a part-owner, earning dividends on our success.

What is a credit union?

Credit unions are profit sharing cooperative financial institutions, created by people with a common affiliation and are run democratically by its membership. Credit unions offer convenient savings and low interest loans to its members while providing members with financial counseling and support.

What are the benefits of the credit union?

Our credit union is working solely for the profit and gain of its members with no stockholders or big business CEOs looking to fill their pockets. It’s a community pooling their resources to encourage future growth for all members while offering its membership benefits of low interest rates on loans, unique savings accounts, less hidden fees and penalties. FND Enterprise Co-operative Credit Union is the only credit union in the Federation with a focus on the development of the microbusiness

Who runs it?

The board of directors elected by the credit union’s membership. As a member of a credit union, every member has a direct say in how the institution runs and works.

Who can join?

Anyone can join once they are a resident or citizen of St. Kitts & Nevis and over the age of 18, plus pay the one-time membership fee of EC $11.70.

How does it work?

Members make savings and it is these savings that then form a common pool of money from which loans are made to members. After members have been saving for three months, they then can apply for a loan from the pool. Interest charged on these loans are competitive with no hidden costs and penalties for early repayment.

How can a credit union help the community?

A credit union can help to revive the local economy by keeping money in the community.

What is the difference between a credit union and a bank?

A bank is a business, working in the interests of a bank and to make a profit for its shareholders. A credit union is a profit sharing organization working to offer products and services that best suit its membership and sharing any profits with its members. Our credit union profits for you, not from you.

How do I open a savings account and how much do I have to save?

You only need EC $20 to open an account. It’s as simple as that. After that, you may make deposits of any size. No amount is too small, no amount is too large. Our goal is to work with you and encourage you to save. Our regular savings accounts offer unlimited withdrawals without the penalties.

Do you have Certificates of Deposits?

Yes. We offer Certificates of Deposits from three to 36 months, EC$500 to $50,000 at a rate of interest from 3.5% to 5.75% per annum.

How much can I borrow from FNDECCU?

You may apply for a loan after being a member for three (3) months.

The amount you may borrow will depend on what you need and what you can afford to repay. We are dedicated to working with our members to help you reach your goals.

What types of loans do you offer?

We offer all types of loans and specialize in micro-business loans that can help you to grow your business. We also offer personal loans to our members.

What are your loan rates?

Our loan rates are very competitive and varies based on the type of loan, repayment period, the length of your membership and your ability to repay.

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