Laventille minding its own business

Devon Welch, 23,  wants to give Laventille something it never had before:  a credit union. “Imagine, more than 25,000 people, ten primary and two government secondary schools and an unemployment rate of 46 percent, don’t have a credit union in this day and age,” he said in an interview. Last Saturday, he was elected unopposed as President of the newest financial co-operative on the block — The Success Ujaama Credit Union — which held its inaugural meeting and election of officers. Welch says he thinks the credit union is one way for the people of Laventille to pull themselves up by the bootstrap. There is no doubt that he played a pivotal role in the formation of the credit union,  which was formed a year ago, but he plays it down. “I just want to see Laventille in a positive light,” he said.

The credit union received its Certificate of Registration last month from the Commissioner for Co-operative Development, the body that gives formal recognition to credit unions. As one who literally grew up in the credit union movement, he followed the footsteps of his mother who was an active credit unionist with the Works Credit Union. He got his first baptism as a credit unionist at aged 11 when his mother enrolled him as a member. From that point, there was no turning back He broadened his trade union experience by working with the Co-operative Credit Union League “where I really learnt about the benefits to be derived from credit unionism.” But why this haste to have Laventille join the credit union fraternity in a formal way ? He puts it simply.

The community of Laventille, he said,  comprises several sections — Sogren Trace, Beetham, Sea Lots, Old St Joseph Road, Blondel Snake Valley, Morvant-Laventille, China Town, Prizgar Lands, St Barb’s and Trou Macaque, among others. He said he and some core members thought it was time that Laventille look up and cut out this old time “sou-sou” business. “We went around and sold the idea.  The people got the message. They saw the need for a credit union in the community.” “And here we are with a credit union as a positive entity. We are firm in our belief that the people will invest and save in their own facility,” said Welch. What he found was although the people of Laventille borrowed a lot, most of what they borrowed was spent on “wants and not needs.” He said little money was being returned to the community for developmental programmes which, he added, are sorely needed.

“We see our credit union’s potential for growth as tremendous, as large sums of money will be filtering through the community. “People will be urged to save and borrow at the same time.” “We would like to be the financial management facility in the community, showing the way for Laventillians to save for the rainy day,” Welch said. He continued: “The risk of a credit union in the community which is perceived to be crime-ridden and poverty-stricken is very high, but we will not be daunted, since we will be networking with NGOs and community-based organisations to educate members. “We are looking at our capital resources to come from members’ registration and the purchase of shares. Income will also be generated from the other credit unions and co-operatives and investments we plan to make,” said Welch. The Success Ujaame Credit Union aims to make the members “economically independent” and “to offer a wide range of investments and services to our members.”

Welch says they also want to encourage the practice of thrift, self-help and co-operation amongst its members. He said Laventille and its environs should grasp the opportunity to become part of the new family. He cites the fact that there is no monthly maintenance fees chargeable on your savings and shares; the registration fee is only $20 and yearly dividends will be given. Members can also benefit from the credit union’s coming health plan. “We plan to create employment for members of the community,” he said. Welch had this message: “As we forge ahead in a new financial competitive age, we look forward to serving your every need with the highest standards possible.” “We will go the extra mile to ensure that your investments are protected.”

Besides Welch, other key officers are Nerle Robertson, first vice-president; Wendy Figaro-Hacket, general secretary; Natasha Yearwood, asst sec and Trevor McMeo, treasurer. Success Ujaama has as its motto: “Minding Our Own Business Together.” Its temporary business address is —  Success Laventille Composite School, c/o Success Laventille Networking Committee, Eastern Main Road, Laventille. Gary Cross, President of Eastern Credit Union, one of the country’s largest credit unions, has given his endorsement. In his feature address, he told the young credit unionists: “We are prepared to work with you, to nurture you and to ensure that you are extremely successful.” He explained to his audience that credit unions never fail. “It is people who fail credit unions,” he said. “Whether you are on the Board, Statutory Committees, whether you are within the membership, it is you, as the members, the stakeholders who must ensure the growth and sustainability of the institution.”