Dominica Building and Loan Association Reports Successful Year

Guests at the Dominica Building and Loan Association 59th Annual General Meeting

Despite operating in a very challenging economic environment, it has been an exciting year for the Dominica Building and Loan Association.

This message came from Ms. Jacinta David, Director of the Dominica Building and Loan Association as they held their 59th Annual General Meeting on Thursday November 8th.

Ms. David says she believes that the Association cannot continue to operate in a conservative manner like they are used to. She says they have to adapt to the changing times, and therefore look towards expanding their national, regional and if possible international presence.

Ms. Jacinta David, Director of the Dominica Building and Loan Association

President of the Dominica Building and Loan Association Mrs. Marvlyn Estrado says, houses are an urgent need in any society and the association is pleased to contribute to the development of Dominica.

The association is open to all and welcomes all home owners and potential home owners to join.

Mrs. Estrado says as they are continuing to collaborate by saving , to create a pool of funds, which are utilized in building homes, purchasing property and upgrading existing properties.

A proposal with respect to lowering interest rates was presented to shareholders.

The president pointed out that the association has experienced delinquency by some of its members, which in some instances lead to action being taken.

President of the Dominica Building and Loan Association Mrs. Marvlyn Estrado

The board of directors continues to reach out to such delinquent borrowers to honour their commitments therefore other members can enjoy fully the benefits offered by the association.

She added that the association continues to service its long term loan which is expected to be paid off in the next financial year.

With this done she said it will make more funds available for disbursement to members.

Mrs. Estrado pointed out that they will continue to work diligently to keep the operations stable with strict monitoring of expenses during the global financial crisis which exists.

The association launched a magazine as part of their 60th anniversary, which highlights the main persons who contributed to the growth and sustainability of the association.

 

 

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