Beginning of La Inmaculada Credit Union.
1949
La Inmaculada Credit Union Ltd. was registered on June 5, 1949.
Approximately, 12 members began this unique financial institution amidst an
atmosphere of colonial rule and the struggle against it. There were no
banks except for the government's treasury where mostly the few affluent
storekeepers and chicle contractors deposited savings. As most people were
poor, it was common for them to resort to pawning their humble belongings,
borrowing from loan sharks and remaining indebted for life, selling their
produce at a very low price, and even losing their property.
Jesuits, pioneered credit unions in Belize and spread the Credit Union
message from the pulpit. Educational meetings were held in schoolrooms and
film shows attracted much audience at the park.
Early Board Meeting of LICU.
1950s
People responded positively and began saving their 50 cents, and 25 cents,
as every penny counted. The first office of LICU was a small room at La Inmaculada
School and opened a few hours in the evenings. As membership grew, the office was
relocated borrowing a small room of Mr. Alejo Ayuso's house on Park Street right across
the present office. As our membership and business expanded, it became vital to get independent
by securing our own land and building. Land was purchased from Mr. Alejo Ayuso and a
small wooden building was later purchased from Santiago Castillo. The Cooperative
Department shared this office. The building was later expanded to accommodate our
general meetings. This extension was also used as a classroom to help alleviate the
congestion at La Inmaculada School.
Early Annual General Meeting
1960s - 1970s
At the same time that the credit union spirit was growing, so was the nationalistic movement.
In 1964, Belize attained self-government and the struggle for independence was on. Work on the Tower
Hill Sugar Factory began in 1964 and 1967 saw the first grinding season for sugar cane. The economy
was booming and the financial situation for many improved. This boost in the economy also brought
the opening of the first bank in Orange Walk. The increased economic activity had its positive and
Inauguration of Building
negative effects on our credit union. The positive effect was that there was enough money flowing.
The front wooden building was demolished and replaced with a concrete structure in 1978. The negative
effect was that as living conditions improved, the objectives of the credit union were forgotten
and some people withdrew, became delinquent, or abandoned the habit of saving.
People resorted to the banks where larger loans were given with no savings required.
With these conditions our credit union was unable to compete with the banks and consequently
our business declined. Additionally, the educational aspect was not pursued.
La Inmaculada Credit Union Ltd.
1980s
The 1980's were critical years. By this time, cane farmers were experiencing difficult
times due to falling sugar prices; consequently, they could not meet payments at the banks
where they were paying high interest rates. Delinquency soared and banks began to foreclose
on mortgages. Having experienced hard times and good times, many realized that they needed to
manage their money better. LICU's management realized that in order to survive and cater to
members financial needs, it was essential to do things differently whilst promoting the credit
union philosophy.
Early 90's Board Meeting
1990s
An intensive restructuring began in 1990 and within a year results were already visible.
Confidence in the credit union was regained and has resulted in significant growth over the
past 10 years. In 1997 the office was remodeled and the wooden structure behind the office was
demolished and replaced with a concrete structure which is now used as a conference room.
Members now enjoy doing business in a comfortable, air-conditioned office, equipped with
computers and modern business machines.
Annual General Meeting late 90's.
1999
LICU has come a long way. As we celebrate 50 years of service we acknowledge the
efforts and sacrifices of our first leaders who believed firmly in the credit union philosophy
and lit the credit union fire. A debt of gratitude is owed to staff members and all those volunteers
who served as officers of LICU at some time during those 50 years.
Conference in the Caribbean.
Today
Get content for this section.
Congratulations to all members who today are still with us keeping the
credit union fire burning.
