A collaborative government and credit union outreach effort is tapping into the Barbadian diaspora’s potential to drive domestic economic growth, with the island nation’s top diplomat to the U.S. encouraging overseas-based Barbadians to adopt consistent small-scale investing instead of holding out for large lump sums to put into local opportunities.
Speaking at a kickoff event for the five-city roadshow hosted at the Barbados Consulate in New York on Tuesday, Ambassador Vic Fernandes told attendees gathered with representatives of Barbados’ three leading credit union entities that the foundational principle of lasting wealth building is shifting from working to earn money to putting existing capital to work to generate passive returns.
Organized under the framework of the Mobile Knowledge Hub, the roadshow brings together the Barbados Co-operative and Credit Union League Ltd, Barbados Public Workers’ Co-operative Credit Union Limited, and the City of Bridgetown Credit Union (COB). It will travel across multiple U.S. cities to connect with members of the large Barbadian diaspora, with two core goals: encouraging overseas residents to invest through local Barbadian credit unions, and showcasing affordable home ownership opportunities at COB’s Deantown development located in St Silas, St James.
For prospective home buyers, the residential project offers entry-level properties priced starting just above $350,000, with COB providing up to 100 percent financing for qualified buyers. Beyond real estate, the roadshow also highlights a range of other investment products offered through the island’s credit union network.
Drawing from his own decades-long experience as an investor, Fernandes shared how early guidance from a late mentor shaped his approach to wealth building. The former Caribbean Broadcasting Corporation broadcaster and manager recalled advice from Ethelred Knight, a long-time senior accountant at the public media outlet, who encouraged him to start investing with just $500 decades ago. Knight pushed back against the common mindset of waiting to accumulate $10,000 or $15,000 before starting to invest, urging that even small sums should be put to work in solid assets rather than sitting idle.
“He never put me wrong, and most of those investments I made were solid investments,” Fernandes said of his late mentor. Sharing an example of a successful real estate holding in neighboring Saint Lucia, he noted that patience and small early sacrifices compounded over time to generate consistent passive income. “I just sat back over the years, and every quarter I hear ‘cha-ching, cha-ching’. And I look and I see, ‘Whoa, there’s money coming into the account’,” he explained.
Beyond personal wealth generation, Fernandes challenged attendees to view their investments as a legacy for future generations of Barbadians. “If we can build and make it better for the next generation, I think we will do ourselves a great favour,” he added.
Following the opening presentations at the New York consulate, ceremonial honors were presented to credit union leadership by Barbados’ Permanent Representative to the United Nations Ambassador Francois Jackman, Ambassador Fernandes, and Deputy Consul General Dr. Lisa Jaggernauth, who organized the cross-country outreach event.