Gelgaudiškis Credit Cooperative in 1927–1948

Vladas Terleckas

Based on few original sources, for the first time, the history of credit enterprises in Gelgaudiškis Valsčius was analysed. The activities of the Gelgaudiškis Small Credit Society (SKD), its administrative structure, functions and role were studied in detail.

The first crediting enterprise in Gelgaudiškis was established in about 1912 and was registered as the Gelgaudiškis Gmina Loan Savings Fund that was giving loans to farmers for their mortgaged land.

In 1927–1940 the Gelgaudiškis SKD being of cooperative type united mainly farmers. The SKD given loans, small and short-term, supported the cooperative members in improving the farming and living conditions. In 1928–1939 the SKD managed to raise the turnover 8 times and lending 9.8 times.

At the beginning of 1941, the Gelgaudiškio SKD was sovietised and turned into an enterprise to introduce the Soviet power policies. SKD was renamed into the Agricultural Credit Society; under this status it also operated in 1945–1948 to provide long-term loans to most poor peasants.