1976
“United” commenced operations in 1976 as Purity Co-operative Credit Union Limited and the first registered address of the credit union was Purity Bakeries Limited. It is said that the General Manager at the time of Purity Bakeries asked Bro. Greenidge about starting a credit union since there seemed to be an appetite among the staff for loans.
2010
UECUL becomes a shareholder in Co-operators General Insurance Ltd. Co-operators General Insurance Company Ltd. (CGICL) was incorporated on July 26, 1990. The Company is locally owned by the Barbados Co-operative Credit Union League Limited and twenty-five (25) Credit Unions.
2021
UECUL celebrates its 45th Anniversary while Goddard Enterprises Ltd celebrates $ 100 years. A remarkable achievement, especially for a credit union that looked liked it was doomed after being placed in receivership 20 years earlier. Longstanding Office Manager Joan Waithe was crucial to this recovery and retired after 40 years of excellent service.
Service Orientation
Valuing Employees
Trust
Respect
Socially Responsible
WHO ARE WE?
Our Beginnings (1976)
United Enterprise Credit Union Ltd (UECUL) affectionately called “United” commenced operations in 1976 as Purity Co-operative Credit Union Limited. It is said that the General Manager at the time of Purity Bakeries asked Bro. Greenidge about starting a credit union since there seemed to be an appetite among the staff for loans. Bro. Greenidge welcomed the opportunity since he was involved with a Taxi Cooperative.
Our First Home
The first registered address of the credit union was Purity Bakeries Limited, Lower Collymore Rock, St. Michael. United Enterprise Credit Union is a financial institution operating under the Co-operatives principles which are service oriented. Initially, the space provided for the operation was a cubical in the main office allocated to the then President Bro. Leon Greenidge by Mr. Fred Goddard, Director of the Goddard Enterprise Limited who was also a member of the credit union.
Growing Membership and Reach
To date, we cater to employees from more than fourteen
(14) companies which make up our membership. Some include: Airport Restaurant Limited, Caribbean Label Craft, Courtesy Garage, Duty Free Caribbean (Formerly Harrisons), Goddard Catering, Goddard Enterprises, Hanschell Innis Limited, Hipac Limited, McBride Caribbean Limited, Purity Bakeries Limited, Tropical Battery, Tropical Laundries, Terrific Tiles, Sagicor General Insurance (Employees of Former BF&C & BCI), West Indies Rum Distillery Limited.
OUR JOURNEY THROUGH THE YEARS
Economic Challenges and Early Growth (1980–1984)
During 1980 – 1984 the Barbados economy went into recession. Measures instituted by the Central Bank in the banking sector led to a shift towards the Credit Union movement. For more than 6 years, volunteer and temporary workers greeted members and potential members. However, with the UECUL growing as the wider movement grew, UECUL in 1982 welcomed its first permanent team member. In the latter 80’s UECUL welcomed an Office Manager.
Trials and Recovery (1990s)
The Credit Union movement’s growth slowed in the early 1990’s but by the mid 1990’s the movement started to recover. However, the movements success was not mirrored at UECUL as the credit union found itself under receivership. The Receiver-Manager at that time managed the credit union’s affairs for approximately 2 years but by January 2000 control of the credit union had been returned by the Registrar to the Board of Directors.
Rebuilding and Renewed Unity (2000–2006)
In the 2000s, the Board, officers, and staff at the time had to focus on stabilizing the credit union. It was a challenging task but a task that could only have been done if everyone was united. Everyone embraced the mantra “United we stand, divided we fall!”
STRENGTH THROUGH ADVERSITY
Overcoming the Great Recession (2007–2009)
The Great Recession between 2007-2009 initiated a downturn in Barbados’ economy where there was negligible growth over the next 10 years whereas, in contrast, UECUL continued to progressively grow. Team United, true to their name, moved partially from Ratio- based lending to Risk-based lending, reduced delinquency from 14% to 5% and grew membership. Meanwhile, we have commenced a scholarship/grant program, Inaugural Flea Market and other activities to benefit the member.
Steady Growth and Milestones
UECUL’s assets stood at $ 4.78 million in 2010, but at the end of 2025, assets stood at $23.1 million, having quadrupled during the period.
OUR ACHIEVEMENTS
The credit union has had several achievements:
- Membership has nearly quadrupled in size.
- Introduced new innovative products such as Green Loans.
- Diversified its investment options for membership.
- Quadrupled the loan limit.
- Evolution of a learning organization through granting local, regional, and international training to staff, officers, and Board.
- Achievement of UECUL members on the League board, committees, and sister organizations.
- Invested in renewable investments including being the first credit union granted permission to sell electricity via the grid to BL&P.
- UECUL has one branch, but it is currently analysing options to leverage technology to bring members enhanced conveniences through other services.
- Successfully completed a merger with Shamrock Co-operative Credit Union.
CELEBRATING OUR 48TH YEAR
In our 48th year of service to members, it is important that we take the time to reflect on our successes and our bright future despite our humble beginnings. Who would have thought that the credit union that went through trials, tribulations, and challenges would bounce back and continue its strong growth is indeed impressive. Staff, Committees, and Boards have changed throughout the decades but the one constant thing throughout our history is our focus on our member-owners. The one constant is that United is more than United by name but United by nature!
OUR MERGERS AND EXPANSION
The Shamrock Merger (2022)
On May 18, 2022, the Financial Services Commission (FSC) approved the transfer of assets from Shamrock Co-operative Credit Union Ltd (“Shamrock”) to United Enterprise Credit Union Ltd (“UECUL”). Shamrock Co- operative Credit Union (SCCU) was established in 1947 by a group of individuals who shared the vision of providing financial assistance to low-income individuals who would not have had the opportunity at that time. This then allowed people to save money while also receiving financial assistance. SCCU was registered under Section 6 of the Co-operative Societies Act, 1949
– 1958 on May 13, 1954.
SCCU was the first credit union in Barbados with over 70 years of service to its members with a passion for social development and was a relatively small credit union with over three hundred members. SCCU’s policies were derived from the idea of pooling resources together from various members to help their fellow members through their challenging times. Shamrock offered a variety of services ranging from seasonal loans, lines of credit, and fixed deposits. United will continue to carry this great history with them.
The Courtesy Merger (2023)
In less than one year and on February 21st 2023, the Financial Services Commission approved the merger transfer of assets from Courtesy Co-operative Credit Union Ltd. (CCCUL). The two credit unions had been discussing merging off and on for over 20 years. The two credit unions were sister credit unions due to their relationship with the Goddard Enterprise Ltd group.
The Family Co-operative Merger (2024)
Then on May31st2024, The FSC approved the transfer of assets from Family Co-operative Credit Union Ltd. Both United and Family share the same founder Bro. Leon Greenidge.