The history of the Credit Union movement is undoubtedly one of the most inspiring and reassuring chapters in the story of mankind. The Credit Union idea was born more than a century ago in the mind and heart of the great Friedrich W. Raiffeisen, the then Mayor of a small German town. The movement began in the early 1850’s. The Credit Union idea was moved across Europe to North America, and came to Barbados in the 1940’s.
The Light & Power Employees Co-operative Credit Union Ltd. was registered as a Co-operative on 11 January 1984 with approximately forty (40) employees of the Barbados Light & Power Co. Ltd.
Although the Credit Union was founded to cater to the needs of the Barbados Light & Power Co Ltd staff and their families, we have now expanded our common bond to include businesses within a five-mile radius of the Credit Union’s Bush Hill location. We believe that this will provide the Credit Union with the resources it needs to cater to the expanding membership base.
Our membership base includes employees of the Barbados Defence Force, Sagicor, Caribbean Examinations Council, Rubis, Fund Access, The Hilton Hotel and Gildan Activewear, to name a few.
Growth & Progress
At the end of the first decade of operations the Credit Union showed a membership of 834. Loans totaled $4.4 million and Total Assets were $6.5 million. By December 2015, audited figures showed that The Light & Power Employees Co-operative Credit Union Ltd had 1,745 Members. Its Share Capital was $5.53 million. The figures also revealed loan balances of $30.54 million; Total Assets of $47.42 million and net revenue for the year was $0.602 million.
The Light & Power Employees Co-operative Credit Union Ltd is ranked 6th in terms of assets among all credit unions in Barbados as at December 2015. The Credit Union has certainly evolved into a major partner in the Credit Union movement, thanks to the confidence of its members.
Our management of business risks includes careful screening of potential borrowers, internal control procedures and a diversified range of assets which guard our financial stability.
Corporate Social Responsibility
Ever conscious of its corporate commitment, The Light & Power Employees Co-operative Credit Union Ltd. has been giving back to the communities it serves. The Trevor Browne Scholarship provides financial assistance to its student members or to those students whose parent is a member of the Credit Union. High on the Credit Union’s agenda is sponsorship of and donations to worthy causes.
We stand by our motto:”Committed to Total Customer Satisfaction”