An occasion that will to improve the lives of people in the community is how Member of Parliament for the St. Patrick’s East constituency, Hon. Tillman Thomas described the official opening of the Belmont Estate branch of the Grenville Co-operative Credit Union.  

Thomas, Leader of the Opposition said any such occasion that brings benefits to people’s lives, be it spiritual, social or economic improvement needs to be supported and the activity in question was going to enhance the economic life of the community.

In his comments Thomas said he sees Belmont not just as an estate but as an institution related to the development of culture, tourism and agriculture.

He said it reflects the dreams of several persons in the community who believe that tourism should not only be concentrated in the south of the island but we need to see it evolve in a way that people all over the island benefit from it.

The Opposition Leader said prior to Ivan (hurricane) when people came to Belmont Estate they were exposed to all of the local fruits, dishes cooked on the traditional coal pot and it was an excellent thing that was going so well.

He is pleased to see the project getting back on track because according to him we need to decentralize our activities and not concentrate it in one part of the island. This he said has everybody running to St. George’s wasting lots of precious time traveling back and forth, time that could have been used for production.

Thomas said we must try to develop our communities and he congratulated the Belmont Estate for stimulating the economic life of both St. Patrick’s and St. Andrew’s because of its strategic location in relation to both parishes.

The Member of Parliament also applauded the Grenville Credit Union for its drive to bring credit union service to as many people as possible. He however had a word of concern for the credit union movement in Grenada.

Thomas said originally, the essence of the credit union was for it to be a financial institution based on trust but in his opinion over the years the movement has become more like other financial institutions.

The M.P. said what really distinguishes the credit union from other financial institutions is that the customers are also the members and the owners of the credit whereas the banks and other institutions are owned by the shareholders.

He said the original concept meant that the credit union would provide higher dividends and lower interest rates on loans and he thinks that notwithstanding how society is changing the credit union should not move from those original concepts because of their importance.

Thomas advised that any attempt to divert from the original concept be examined. He said some of the strict security demands in order to access loans has gone against the principle of the founders of the movement. We have to remember what it was meant to be he said.

He described the credit union as a very noble institution which was initially seen as the poor man’s bank but is no longer that. The MP pointed out that in the past people who went to the credit unions were those who could not access credit from other financial institutions but today credit unions themselves are sophisticated institutions.

Thomas used Canada as an example where he said one third of the population is involved in the credit union movement.

Thomas also had a word for members/customers of the credit unions. He said it is an institution that we all ought to support and there is need for responsibility among members of the credit union.

He said it is possibly because of some people’s delinquent behavior that the credit unions were forced to move in the direction where they have to use certain criteria that are being used in the regular financial community.

In this regard he said there is need for discipline. “Credit unions are supposed to be a family and family members look out for each other”.  Thomas said the movement is based on trust from both parties and this helps them to stay above the so called rough competition.

He said when you are given assistance you are expected to live up to your commitment and we need to see the return of attitudes like loyalty and responsibility and once given assistance members should know that they have an obligation to fulfill their side in the bargain.