Caribbean Microfinance Alliance

Grenville Co-operative Credit Union

Devon Charles, General Manager
Institution Contact Details
Name of Institution Grenville Co-operative Credit Union
Postal Address Jubilee Street, Grenville, St. Andrew´s
Country Grenada
Telephone 1-473-442-8602 / 438-4228
Fax 1-473-438-0326
Website Address
Skype N/A
Contact Persons Mr. Devon J. Charles - General Manager
Mr. Brendon Richards - Micro Finance Officer
Category Of Membership Application Microfinance Provider
General Institutional Information
Current Legal Status Governed and registered under the Grenada Coperative Act 20-1996, Regulation No. 2 SRO 63 and By-Law No. 45 1965 and regulate by the Grenada Authority for the Regulation of Financial Institutions Act 2006
Objectives To Provide low cost efficient financial services to all our members, throught sound financial management and education while maintaining our co-operative principles.
Brief History The Credit Union was registered on June 25 1965 under the Co-operative Societies Ordinance of 1958. Revised laws of Grenada for the purpose of affording members the opportunity to accumulate savings and obtain credit for provident and productive purposes at a rasonable rate of interest. The credit union went dormant during the period 1979 - 1984, after which it was reactivated.
Ownership Shareholders (Credit Union membership)
Microfinance Operations GCCU is focused on developing the micro finance sector as a medium of creating employment and improving the lives of its members. In this regard it has introduced a micro finance facility within the last three (3) years. Presently the average loan size is US $1,800.00 and the portafolio stands at US $313,000.00
Main Funding Sources Members Deposits
Main Challenges 1. Funding Source
2. Legislative Issues
3. High Portfolio at Risk
4. Clientele that is limited in their business skills and knowledge
5. Limiting negotiating capacity of clients (inadequate capital, inability to assess character etc.)
Other Networks OMTRIX, Micro Rate, UNDP

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