Five co-operative societies, including four (4) credit unions, pooled their resources together to form the Co-operative Society Investment Fund Limited (CIF). These societies are the Barbados Co-operative Business Association Limited, Prudential Co-operative Credit Union Limited, St. Stephen’s Co-operative Credit Union Limited, Shamrock Co-operative Credit Union Limited and United Enterprise Credit Union Limited. The CIF was registered on August 31, 2018.
2. The direct impact the CIF has on its members are set out in the “objects” of its by-laws some of which are listed below:
(a) to promote the creation of wealth among its members by providing a means whereby investments can be made and shares in the Society can be acquired;
(b) to raise funds by issuing shares and contracting loans;
(c) to provide investment and saving facilities for members;
(d) to create out of the investments by members and otherwise, a source of funds to purchase, rent or lease property or equipment in order to increase the value of shares or investments in the co-operative;
(e) to arrange by purchase, lease or otherwise, sites for any necessary building, or the lease of such buildings and constructing such buildings and installing such plant in the building as the business of the Society may require;
(f) to dispose of such investments, property or equipment in a manner that would be beneficial to the Co-operative;
(g) to provide continuing education for members in the Co-operative Principles and values, as well as investments, financial analysis and the efficient management of its affairs, and
3. In addition to the above, the aim of the CIF is to support and strengthen all participating co-operatives, while at the same time stimulating economic activity and providing sustainable opportunities for its members and for other Barbadians as well. In accordance with the Co-operative Societies Act CAP 378A, it is allowed along with commercial banks and other co-operatives to accept deposits.
4. The Fund strives to assist transport co-operatives in accessing credit to enable members to improve their fleet or even to assist in setting up gasoline or petrol stations around the island.
5. In respect of agricultural co-ops, the CIF also strives to aid in the development of agricultural and marketing co-operatives similar to the St. George Farmers Co-operative in St. George or the Addis Alem Co-operative in St. Thomas.
6. In keeping with its by-laws, the CIF will not discriminate against any co-operative organization or its members willing to invest in the fund. In broadening its investment vision, the CIF will strive to have the ability to assist in other co-operative ventures such as the creation of co-operative health care facilities, co-operative housing programs or even a co-operative bank.
7. The CIF shares the ideology expressed in the Government’s Manifesto of returning well-being to Barbadians, rebuilding the Barbados brand as a model among small states in the international community, and creating opportunity for all Barbadians. It seeks to bring about a national transformation for co-operatives and the co-operative movement and create a bright future for all Barbadians. This can be achieved with unity, a strong co-operative principle, and with hard work which is associated with traditional Barbados.
8. The President of the Co-operative is Mr. Oriel Doyle and he can be contacted at firstname.lastname@example.org or 430-9391.
May 20, 2020