GreenWorks by WCU


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What is GreenWorks?

GreenWorks is the new aquaponic loan initiative by Works Credit Union; created to propel our members into agricultural entrepreneurship and self-sufficiency.
 

How does it work?

Works Credit Union will provide interested members with access to financing, training and – where necessary – administrative guidance/support as they start their journey into the exciting field of aquaponic farming.

Members can choose from any one of three (3) aquaponic system sizes, each of which has its own corresponding and customizable loan tier. These sizes are:

Personal: These systems are ideal for those persons who are interested in growing their own produce for their personal consumption. Systems in this range can vary in shape and size as they are designed to fit the space you have available.
 
Semi Commercial: These systems are ideal for those persons who are interested in growing produce towards sales for profit as well as for their personal consumption. They usually contain at minimum 800 cavities for planting.
 
Commercial: These systems are strictly for those persons who are interested in growing produce as a means of income and profit from sales. The total number of cavities for planting in systems of this size usually exceed that of 3000.
 

Loan / Financing Tiers:
Personal:
Loan values range between $2,500.00 - $30,000.00
Six (6) months to Thirty-six (36) months to repay
 
Semi-Commercial:
Loan values range between $35,000.00 - $100,000.00
Twenty-seven (27) months to Sixty (60) months to repay
Additionally, we’ll give you six (6) months before your first payment is due.
 
Commercial:
Loans values starting at $400,000.00
Repayment period of Forty-eight (48) months – Sixty (60) months. Additionally, we’ll give you six (6) months before your first payment is due.
  • All loans carry a 1.25% interest rate, which is applied monthly to the loan's reducing balance.
  • A standard 10% deposit and 1%* service charge is applicable to all loans.
  • All applications will be subject to an additional assessment of the available land space intended to be utilized for the aquaponic system before approvals can be granted.


Requirements for Loan

 Interested persons would be directed to the respective branches to set up an initial appointment…

The Loans officer would take the personal/financial information and the size of the system request and forward the application directly to the Credit Manager along with supporting documentation.Some of the requested documents are…..


PERSONAL SYSTEM :

  • Become a member (if non-member)
  • National ID
  • Job Letter (salaried members)
  • Payslip (salaried members)
  • Utility Bill
  • Record of Income and Expenses* (only in the case of self-employed persons)

 

 

SEMI-COMMERCIAL/COMMERCIAL :

  • Become a member (if non-member)
  • 2 Forms of National ID
  • Utility Bill
  • Register as a Farmer
  • Bank Statements (3 months current)
  • Copy of Deed
  • Authorization from owner to use lands (if land is not in applicant’s name)
  • Record of Income and Expenses* (only in the case of self-employed persons)

 

* NOTE Record of income and expenses refers but is not limited to the following documents: -

  • Company registration
  • Record of Income/Expenses
  • Bank Statements (3 months current)


To find out how  please contact any of our offices to speak with a loans officer or via email at greenworks@workscu.com or request an appointment here.