CATEGORY:ECONOMY/ MONEY
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By Trevor Thwaites
Inside Grenada Correspondent
Saturday October 28,2006


MINISTER OF COOPERATIVES, the Hon Roland Bhola, has commended the Credit Union Movement for its growth and development over the years. “I am happy to note the improvements and continued growth of the sector over the past year with a current asset base of EC$182 million from EC$168 million”, Bhola acknowledged, while addressing members during International Credit Union Day Celebrations, last week Thursday at the Cuthbert Peters Park in St John.

The Cooperative Minister is delighted with the increase in membership, which he says has grown from 28,562 to 30,260. Bhola wants the membership to capitalize on the opportunities, which he said are being provided by the country’s hosting of matches in the ICC Cricket World Cup 2007 and the advent of the Caribbean Single Market and Economy (CSME).

He noted that there has been an increase in lending for agricultural enterprises, the Home Stay Programme and the enhancement of Small Businesses.
“I wish to urge you to explore the possibilities, which we believe are limitless- that the Credit Union can help create for your membership to Maximize from this event”, the minister said.

Bhola also told the membership that there is also much scope for opportunities in business development within the CSME. “I urge you to be mindful of the opportunities that lay ahead for the movement.” He is confident that much can be achieved. Bhola is heartened that the league has a strategic plan, which provides the framework for the modernization and development of the movement.

Almost sixty years since the establishment of the Credit Union Movement in 1847, the movement is said to be making a difference in the lives of many. “The Credit Union makes the difference between dream and reality, poverty and prosperity, ignorance and education, hate and love and neglect and care”, President of the Grenada Cooperative Credit Union League Limited, Pastor Stanford Simon, disclosed during his address.

Pastor Simon said that it is important that the Credit Union Movement, which has been providing access to capital, affordable financial services and basic human rights for millions, continues to grow and develop. The Pastor assured the membership at Credit Union Day Celebrations, that the movement is committed to its mission statement of providing an improved quality of life to its members.

“Our resources have been utilized by our members for many purposes, but most importantly for housing, education, and small business.” He said that many persons, who borrowed money to build houses, further their education and establish small businesses may not have been able to obtain funding from commercial banks at the lower and more affordable rates being offered by the Credit Union. “Credit Unions are doing more than reducing poverty. It allows members to have a voice and take control of their economic future.

Pastor Simon said that the Credit Unions are empowering its membership with the right access to financial services and changing the lives of thousands in the country.

Officials want to see the membership improve from its present 33% of the population to at least 50%. This, they say, will increase its assets to over the EC$200million mark and give the Movement more autonomy. “Credit Unions: Making a world of difference”, was the theme used for International Credit Union Day Celebrations.