The Monrovia Consolidated School System Teachers Association Credit Union (MCSSTA) has secured LD$2.5 million loan from the Central Bank of Liberia (CBL) to build the capacity of its members.
Speaking in an exclusive interview with the Daily Observer over the weekend in Monrovia, the secretary general of the MCSSTA, Varmah B. Gray, said the loan is intended to empower its members, as their welfare is cardinal to the leadership.
“Most of our members earn very little from the classroom and this contributes to them not being able to buy land or even build a house,” he observed. “But with such a loan, many of them will have access to funds to improve their living conditions,” he added.
According to him, they will train their members on how to secure a loan; how to invest the loan into something tangible and how the loan would help improve their livelihood.
“On many occasions some of our teachers search for loans but don’t have a way of getting them from the various banks or credit unions,” Mr. Gray stressed. “We believe this is one of the best ways our members can benefit and be empowered.”
He said the loan is intended to provide empowerment to over one thousand teachers; which is part of the MCSSTA employee’s inventory to make sure that students get the best education available.
Mr. Gray further disclosed that the MCSSTA leadership will embark on providing more support that will directly impact the lives of its members, adding that, “We intend to visit other banks for additional loans.”
He further indicated that Secure Insurance Company had promised the MCSSTA a loan in the shortest possible time to benefit its members.
Mr. Gray explained that MCSSTA will repay the loan to CBL with interest of three percent.
“If we can get external loan coupled with our own loan, our people’s lives can improve. The good work of God will continue to help us in ensuring that our people benefit from these opportunities,” he said.
The leadership, which took over the association in 2013, promised to enhance the capacity of its members to through loans and other means.
He called on all MCSSTA members to remain in the vanguard to protect one another in advancing the common goals of MCSSTA.