After 22 years the Grenville Co-operative Credit Union is now a parent but extremely qualified to be a parent.

Manager of the General Employees Co-operative Credit Union in St. Vincent, Mr. Lennox Bowman delivered the feature address at the launch of Grenville Credit Union’s Belmont Estate branch.

He said it is the opinion of most credit unionists and many colleague managers that over its short life the Grenville Credit Union has demonstrated that it is extremely focused on doing the things which make it a powerful example as a philosophy driven credit union.

With regards to the co-operation between the credit union and Belmont Estate, he said when he sees huge efforts like that which seek to improve and increase access to credit union service for the citizens, he applauds it.

Grenville Credit Union then is demonstrating that it continues to remain true to the philosophy, principles and values of the credit union movement.

Voicing how impressed he was with the development of the Grenville Credit union, Bowman recalled that in 1986 that institution was rated number 20 of the 20 credit unions with only 229 members. Twenty short years later it is now ranked 4th in terms of assets-almost $20 million and 2nd in membership. That he said is a performance that speaks for itself and it shows that when people hurl criticisms at you, you have to respond with performance.

However, Bowman said, growth like this does not take place in a vacuum. It happens through (1) the vision and hard work of successive boards, committees, management and staff and (2) perception, confidence and support of a membership which is satisfied that the strategies employed by the institution are impacting their lives positively.

He said, people don’t put their money where they are not comfortable and the abundance of products offered by the Grenville Credit Union is testimony to its performance.

Bowman who is also Chairman of the National Insurance Scheme, St. Vincent said the thought behind the products means that somebody is thinking and the Grenville Credit Union is a strategically thinking credit union.
Bowman was particularly impressed with some of the action taken by the credit union in the aftermath of Hurricane Ivan such as the survey that was conducted to determine the level of damage suffered by members and the deferment of payment on loans of up to 18 months. He topped it off on the note that Grenville Credit Union is still the only credit union that opens on Saturday.

To the company of Nyack Limited, owners and operators of Belmont Estate, Bowman said they need to be praised for introducing and playing a very critical role in the initiative.

He said Belmont Estate and Nyack Limited obviously have a proud history of success and tremendous potential for further achievement. He is comforted by their actions to develop the citizens of the country.

The Vincentian is convinced that Nyack Limited is genuinely interested in the development of the total human being and not just interested in using people for their labor. As such the relationship between Nyack and Grenville Credit Union will be a turning point in the lives of many.

He said 50 years from now people should be able to look back and recognize this event as one that changed their lives.

As a background to the nature of the credit union movement, Bowman re-emphasized that credit unions are not-for-profit, member-owned, democratically controlled financial co-operatives. They are operated by and for the membership.

Credit unions, he reminded, return their profits to their members in the form of dividends, lower credit interest rates, higher savings rates, free or very low cost services and many other benefits.

Banks on the other hand he explained exist just to make a profit for a small group of shareholders at the expense of their customers.

Credit unions are managed by a volunteer board of directors who are accountable to the membership. Members have a voice in the running of the credit union. The board- of- directors of the banks are responsible to their shareholders only.

Bowman proudly said the credit union movement has been a significant pillar in economic development around the world. This prompted former United Nations Secretary General Kofi Annan to remark some time ago that the greatest contributor to the UN goal of micro finance expansion to reduce poverty was the credit union.

He said credit unions mobilize the human resources of a country by giving people a method of solving their own problems and letting them understand that economic freedom can only be achieved by their own hard work.

The credit unionist advised the board and management of the Grenville Credit Union that as they open the new branch they should focus on financial education and the need to train members of staff, board, committees, volunteers and the general membership. He said people must be trained to understand that thrift is important and that credit unions ought to appreciate that they are dealing with people’s lives and when you educate people you motivate and activate them. Credit unions exist for one reason and one reason only he stressed and that is to make people’s lives better.

For his part Bowman said he has long stopped employing qualification only at his credit union in St. Vincent but instead he employs attitude. This will make for better performance of the staff and better service for the members.

He called on the Grenville Credit Union to be always strategic saying that strategic planning is indispensable for a credit union.
To the management of Belmont Estate, he said strategic planning must evolve into strategic management.

With regards to the challenges and competition faced by the credit union movement, Bowman said if the credit unions cannot compete on asset base and other things they will compete on service. They must therefore always look to see where they can create good partnerships that will benefit the people.

He said credit unions must embrace small business and help them grow and develop. To that end he expressed pride in the Grenville Credit Union for the number of people that the institution has taken from selling in trays on the streets and set them up with their own small businesses which are thriving today.

He called on members of the credit union to support protect and defend it since it is a safe and sound organization with a very visionary board.

Bowman described the manager of Grenville Credit Union, Mr. Devon Charles as one of the brightest young managers in the Caribbean. He said colleagues have been impressed by his commitment to the movement, his original thinking and his analytical brain.

He said also the board/manager relationship is truly entrenched at the Grenville Credit Union, underpinned by the mutual respect that is evident.

Bowman congratulated the employees for the wonderful job they have been doing and warned them that they can’t afford to relax and their attitude must be one of caring for people.