Its aim is to provide and avenue to receive its member's savings and make loans to them for provident and productive purposes at reasonable rates of interest.

Some of the founding members were Rodney V. Mauricette, Eric Padmore, Albert LaTouche, Cynthia Steele, Martin Abraham, Kathleen A.Nedd and Joslyn (Sparrow) Hayling.

At the first annual general meeting Messrs Mauricette, Padmore and Mrs Steele were elected to the Board of Directors. Mr. Rodney V. Mauricette was elected President of The Communal at the first Board of Directors meeting, a position he held until 1993, when he retired and was succeeded by Dr Guido Marcelle.

Mr. Edwin Thomas was elected President in 1996. He was succeeded by Mr. L. Simeon Collins whose term ended in 2002 when the first woman to sit at the helm of any Credit Union in Grenada, was elected President. Miss Lydia Courtney become the first woman to sit as President of The Communal Co-operative Credit Union Ltd.