ECCCL enters into agreement with Government of SVG

The Eastern Caribbean Co-operative Central Ltd. (ECCCL) is now one step closer to setting up its offices in St. Vincent and the Grenadines, having signed an agreement with the Government of St. Vincent and the Grenadines in order to do so.{{more}} The signing took place at a ceremony on Tuesday, May 17, 2011, at the Cabinet Room.

Director of the ECCCL Daniel Robertson, making brief remarks, stated that the ECCCL is seen as a viable gateway to help lead its members away from poverty into prosperity. The principles and objectives of the ECCCL, Robertson further stated, are to “to pursue and support the stable growth of any form of enterprise under the law and approved by the members, which will ensure wealth creation and income distribution throughout the vibrant corporate sector in the OECS region.”

Robertson, however, highlighted that the ECCCL movement has encountered various challenges over the years, but the organization will have to devise strategies to move itself forward as a business-oriented institution. He also noted that work, such as training, counseling, educating, reassuring and improving on our customer service delivery, must be done within the organization.

Also giving remarks at the ceremony, Prime Minister and Minister of Finance, National Security, Grenadines Affairs and Legal Affairs Dr. Ralph Gonsalves stated that he was pleased to be signing the contract with ECCCL.

Gonsalves said that the credit union movement throughout the region has seen challenges from the period of September 15, 2008 up to this current time. This period, described as a special period by Gonsalves, highlights the point at which Lehman Brothers collapsed and where we have seen an “unprecedented fall out from the financial meltdown which metamorphosed into an economic recession internationally”, Gonsalves said.

The recent natural disasters, Hurricane Tomas and the most recent flash flood on April 11, 2011, Gonsalves said, are challenging factors that heighten the special period.

Gonsalves said that in this special period, the Credit Union movement has played a very important role in providing short-term loans to help persons get by. Despite the challenges faced by the credit unions during this time, Gonsalves stated that he is heartened by the optimism that they have shown in moving forward.

Gonsalves, however, suggested that the credit union develop a mini-loan system, which will offer smaller loans than that of a micro-loan programme and will cater for persons seeking a form of self-employment “… persons who may be satisfied with $1000, $1500 and a lot of them are single parent women, they want to buy a couple sheep, goat, pig …they may want to buy a young heifer and a young bull, so that they can build something,” Gonsalves said.

Responding to Gonsalves’ suggestion about offering mini-loans to persons, Junior Bacchus of the SVG Credit Union League stated that one credit union, the Kingstown Co-oporative Credit Union, has the Ready Cash system that offers small loans; however, the terms of the loans may not be flexible enough to cater to such persons.

Bacchus also endorsed Gonsalves’ commitment and support of the credit union movement, noting that the Prime Minister has not turned down any request from the movement.(OS)