PORTLAND Co-operative Credit Union has invested just over $245 million in a new Buff Bay office to accommodate growing demand for financial services, with farmers and business operators expected to be among the main beneficiaries of improved access to loans.

The building at Lots 10-12 Nelson Street replaces premises that General Manager Martin Blackwood said no longer provided adequate room for expansion. The office is expected to serve more than 15,000 members, while the credit union’s overall membership is growing by more than 100 per month.

“The Buff Bay office itself required a new building because the building that existed was not really up to the standard that we wanted, and so there was not room for growth in the business. So, in order to create comfort, convenience, and space for the delivery of services, we had to make this investment,” Blackwood told the Jamaica Observer.

Buff Bay accounts for approximately 32 per cent of the credit union’s membership. Blackwood expects the improved premises to attract members from other parts of Portland who find it more convenient to conduct their business there.

The investment does not introduce a separate range of financial products. Instead, it provides more space to deliver the credit union’s existing services, including loans for up to 20 purposes and savings accounts for different age groups.

“Not just farmers, but business operators and a broad cross section of persons will go to Buff Bay, but for loans we expect farmers and business operators to benefit the most,” he said.

The office was formally opened on Thursday as the credit union marks its 55th anniversary. Blackwood said the previous building was demolished in early June and operations moved directly into the new premises.

The larger office comes after a decade of substantial growth in the credit union’s savings and lending business. Between 2015 and 2025, members’ savings increased from $2.47 billion to $9.24 billion, while net loans grew from $2.09 billion to approximately $7.1 billion. Total assets stood at $12.14 billion at the end of 2025.

Membership increased from about 32,000 to 45,000 over that period. The institution also has more than 18,000 children saving with it, a group Blackwood sees as a future source of regular members.

“We have a strong savings programme for children, with over 18,000 children saving in the credit union at this time,” he said.

Blackwood attributed the growth in savings to competitive returns, the absence of transaction fees and charges on dormant or inactive accounts, and relationships with civic, social, religious, and educational groups across the parish.

He said members received approximately $1.834 billion in returns on their savings over the past decade.

The expanding savings base has supported lending, although repayment difficulties remain part of the business. Blackwood said members generally service their loans satisfactorily, with delinquency sometimes reaching 7 per cent.

Alongside the branch investment, the credit union is pursuing digital services that would allow members to carry out more transactions without visiting an office.

“We are going technologically, as members will be able to use technology to carry out their business without having to come into the branch,” Blackwood told the Business Observer.

Its next major property initiative is the proposed development of 38 acres at Norwich Heights. In June, members approved a rule change to facilitate a wholly owned subsidiary that would oversee the development and sale of at least 140 residential lots. The venture was proposed as an additional source of income to improve returns to members.

Blackwood said work has not yet started, with legal arrangements still to be completed.

The credit union now owns office buildings in Buff Bay and Port Antonio and employs 44 people. Over the past decade, it has also provided $30 million in bursaries, scholarships, and educational grants, alongside $40 million for sports and other civic activities in Portland.