NNSL (Jan 13/97) - The Pond Inlet Co-op still has plans to establish its own credit union.

Like the greater co-op movement, however, it, too, is facing a money crunch.

"It's been approved," said Simon Merkosak, a board member of the Toonoonik-Sahoonik Co-op. "Now we have to come up with the cash. We're going on a fundraising drive shortly."

Arctic Co-operative Ltd. (ACL) has been trying for years to establish a credit union system in the NWT.

Currently the group has about $4 million of $7 million required for the venture.

"We're still working with a couple of organizations to encourage them to come on board," said Andy Morrison, chief executive officer of ACL. "We're hoping in the not too distant future we'll have some more information."

But Merkosak said the Pond Inlet Co-op wants to start its own financial institution because the members do not want to wait any longer for the greater co-op movement to become established.

"This is part of whole economic development plan," he said. "The local economy is what we're trying to get going.

"We want to provide banking services to Pond Inlet residents and teach them how to use banks."

Morrison is unsure of how successful the lone credit union will have.

"We're hoping we'll be in a position to provide the support they'll need so they won't have to go it alone," he said.