Challenge to credit unions
PRIME MINISTER FREUNDEL STUART has challenged credit unions to spearhead the growth and democratization of Barbados’ ailing economy.
Speaking at last Saturday night’s anniversary awards dinner for the Public Transport Cooperative Credit Union Ltd, he told the 35-year-old organization that in spite of the $1.6 billion capital base of the cooperative movement in Barbados, it was not doing enough to help budding entrepreneurs.
“Several cooperative credit unions, in particular the Public Transport Cooperative Credit Union, have in their mission statement the promise to ‘encourage investment in micro businesses’.
“Unfortunately, the preoccupation with consumer goods has resulted in this item in the portfolio of loans becoming a neglected category,” he said.