We work for you.
Mission
To continue to provide innovative affordable financial services adapted to the needs of our member/owners by pooling their resources in a prudent manner towards achieving social and economic well being.
Vision
To be the most-recognized socially responsible financial institution that empowers its members to achieve their highest potential.
La Imaculada Credit Union History
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 many audiences at the park.
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 opened for a few hours in the evenings. As membership grew, the office was relocated borrowing a small room from Mr. Alejo Ayuso’s house on Park Street right across from the present office. As our membership and business expanded, it became vital to get independent by securing our own land and building. The 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.
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 began. 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 positive and 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
Inauguration of Building
People resorted to 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 emphasized nor encouraged.
1980
The 1980s 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.
Today
LICU now proudly stands as a beacon of hope for many as the hard work, dedication, and commitment of its volunteer Directors, Officers, Management and growing Staff has positively impacted the lives of thousands. LICU has expanded not only in infrastructure and staff but also in innovative services and benefits such as outreach efforts, promotion of entrepreneurship, and offering training and technical assistance.