New cooperative aims to create an entrepreneurial class of ordinary Vincentians

The St Vincent and the Grenadines Small Business and Micro-Finance Cooperative Limited (COMFI) intends to create an entrepreneurial class of ordinary Vincentians.{{more}}

This objective of the cooperative, which was officially opened on Monday, was stated by President of the Board of Directors of COMFI Junior Bacchus.

It is the first Micro-Financial Cooperative in the Organization of the Eastern Caribbean States (OECS).

COMFI, which was registered on November 24, 2010 under the Cooperative Act No. 24 of 1999 of the laws of St Vincent and the Grenadines, is owned by three of the largest Credit Unions and the Cooperative League, with a combined shareholding of 87.5 per cent.

The General Employees Co-operative Credit Union (GECCU) – 27.5 per cent; the SVG Teachers Co-operative Credit Union (TCCU) – 25 per cent; the Kingstown Co-operative Credit Union (KCCU) – 25 per cent; the St Vincent and the Grenadines Co-operative League (SVGCL) – 10 per cent; SVG Police Co-operative Credit Union – 2.5 per cent; the Mt Coke Co-operative Credit Union – 2.5 per cent; the Barrouallie Co-operative Credit Union – 2.5 per cent and the Marriaqua Co-operative Credit Union – 2.5 per cent.

Speaking at the opening ceremony held on the roof top of the St Vincent and the Grenadines Teachers Credit Union, Bacchus said one of the main goals of COMFI is to work with the farmers, vendors, the fisher folk and other small business operators “who many of us take for granted”.

“We say they can’t succeed; they are just little hustlers who buy and sell.

“We believe that is what P.H. Veira was, a little hustler. That was what OT Mayers was. A little carpenter boy who started some little thing down in Lowmans.

“Jax, they are not Jax like what they are today. Mr Jax was a little boy living with my father, started with him making caps and that’s what he has become today. And this is what COMFI wants, to create an entrepreneurial class of ordinary Vincentians.

According to Bacchus, none of the individuals mentioned obtained a secondary education.

“But sometimes, we think that the panacea for our success is qualification. I believe that panacea for our success is understanding information and using that information to your benefits. And we here at COMFI will salute you, the ordinary people to become successful. To make the sky the limit, to make sure that when you succeed, you certainly will put some of that money from your success back into COMFI.

“So, COMFI has that other facility. We are not just about giving credit. You can save with COMFI,” he added.

Featured speaker at Monday’s opening ceremony Reuben John said it is reasonable and accurate to say that COMFI is the child of the local Credit Union movement that has been charged with the responsibility to take small business and micro-finance to another level in St Vincent and the Grenadines.

“This is a statement of fact, because small business and Micro-financing is not new to the Credit Union movement in St Vincent and the Grenadines. I have had a long association with the local Credit Union movement as president of the KCCU and the Credit Union League for a number of years. During that period, I would have approved a number of loans for small and micro businesses…

“We should all commend the Credit Union sector for putting together an entity that is specifically configured and designed to deal with this very important aspect of our national development. This entity will serve to alleviate much of the hardship that is currently experienced by persons who are in need of funds to purchase machinery, equipment, stock of raw materials and supplies and provide working capital in order to commence operation of their businesses. It will also provide opportunities for service of small business that needs funding to stimulate growth and expansion,” John further stated.

The former President of the Credit Union League also said that COMFI has emerged from an organization that has a history of strong financial performance, consistent growth and a record in St Vincent and the Grenadines and regionally of serving the needs of middle and low income persons in our communities.

“And that is where the majority of small and micro businesses reside,” John explained.

“Timing is good, expected demand for services however, product pricing is critical. The outcome of this initiative will be determined by its ability to adapt to changes in the market place and the operating environment. It is a bold step that must be supported by the entire Credit Union movement; not just now, be it in the medium and long term. I am not speaking only of financial support, but personnel with the skills that are needed to make this organisation succeed. You must come forward and volunteer your time and services.

“Let COMFI be another success story for the movement regionally. We have had many in the past.”

The cutting of the ribbon to signal COMFI’s official opening was done by retired educator Jean Walker. (AA)