- info@barteachcredit.com
- (246) 426-3657
About Us
55+
Years of Service
About Barbados Teachers’ Co-Operative Credit Union Limited
Welcome to the Barbados Teachers’ Co-operative Credit Union Limited (BTCCUL), a financial institution rooted in the principles of cooperation, trust, and community empowerment. Established in the 1950s, BTCCUL has evolved from a modest buyer’s club into a dynamic organization dedicated to serving the financial needs of educators and their families across Barbados. Our journey reflects a steadfast commitment to fostering financial stability and growth among our members.
Over the decades, we have cultivated a supportive environment where members are encouraged to save, invest, and access credit responsibly. Our initiatives are tailored to enhance financial literacy, promote prudent financial management, and provide resources that enable our members to achieve their personal and professional aspirations. At BTCCUL, we believe in the power of unity and collective effort to drive meaningful change and prosperity within our community.
Our History
The Barbados Teachers’ Co-operative Credit Union Limited (BTCCUL) has its roots in a buyer’s club formed in the early 1950s. The idea was sparked after a training course hosted by the Ministry of Agriculture and Education attracted 112 enthusiastic participants. The government officer leading the course recognized the group’s potential and recommended they form a Savings Society, marking the beginning of what would eventually become BTCCUL. Ten individuals signed the founding document, and remarkably, six of them remain active members of the Credit Union today.
By 1967, the group’s ambitions had grown beyond social activities, and with $1,100 in hand, they applied for official registration as a Credit Union. On June 10, 1967, BTCCUL was officially established as Credit Union Number 112, with Mr. John Lovell serving as its first President. The Credit Union quickly expanded, surpassing the million-dollar mark in share capital by 1985 and growing to over 3,000 members with $21 million in share capital by 1990. Though the Credit Union faced challenges that slowed growth, it persevered and built its headquarters, the John Lovell Building, named in honor of its first President, in Lower Collymore Rock, St. Michael. The Credit Union experienced renewed growth from 1993 onward, consistently paying dividends and patronage refunds to its members, solidifying its place as a cornerstone of financial support for Barbados’ educators.
Our Mission
Promote Thrift
We encourage our members and provide the means to save regularly and invest in Shares, fostering a culture of financial responsibility.
Educate Members
We are committed to educating our members on cooperative principles, financial management, and the efficient running of our Credit Union.
Provide Credit
We create accessible credit options for our members, offering loans on reasonable terms to support their financial needs.
Community Growth
Our activities are designed to contribute positively to the economic and social development of our members and the wider community.
Our Organizational Structure
BTCCUL is structured to ensure effective governance and member representation. Our organization includes:
A seven-member committee responsible for setting policies and overseeing the management of our Credit Union’s business and affairs. The Board operates with a focus on good corporate governance, ensuring that our lending policies and other activities align with our cooperative values.
This five-member committee serves as the “watchdog” of BTCCUL. They examine our books, verify cash instruments and securities, and address member complaints to ensure transparency and accountability.
Comprising five members, this committee handles all loan applications, reviews our delinquency portfolio, and recommends policy changes to the Board, ensuring our loan services meet members’ needs efficiently.
In addition to these key committees, the Board may appoint other committees to address specific needs within the Credit Union.
“The John W. Lovell Building” Lower Collymore Rock St. Michael, Barbados, W.I.
Opening Hours: Mon – Fri 9:00am – 5:00pm
Tel. (246) 426-3657
Email. info@barteachcredit.com
