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La Inmaculada Credit Union approves 15% rebates on loans to reward members in good standing

Posted: Tuesday, May 30, 2023. 11:38 am CST.

Photo Credit: La Inmaculada Credit Union

By Rubén Morales Iglesias: La Inmaculada Credit Union approved 15% rebates to reward members with loans in good standing, said Belarmino Esquivel, President of La Inmaculada Credit Union Board of Directors.

The announcement was made at La Inmaculada’s Annual General Meeting held last Saturday, May 27, 2023, at Muffles College Auditorium in Orange Walk.

“At our 74th Annual General Meeting of La Inmaculada Credit Union, the membership approved 5% dividends for the first S10,000 in shares which represents 94% of our membership and the 3% dividends for the additional 6% of membership,” Esquivel said.

“The board is also recommending a 15% rebate to reward our members with loans in good standing as they are direct contributors to our surplus.

“A very fruitful performance, a very good performance at La Inmaculada Credit Union despite the COVID-19 pandemic and the many challenges that we had to face.”

Esquivel also said that LICU’s audited financial statements for 2022-2023 show a distributable surplus of $3,351,247.00. That’s an increase over the previous year’s net surplus.

“After a thorough review of our current position, our short-term plans for construction in Belmopan and the finalization of property on Main Street in Orange Walk Town to house a second office, the Board approved that $351,000 be allocated to the Statutory Reserve to remain compliant and in line with our asset growth,” Esquivel said to the over 1,000 members in attendance at the AGM.

La Inmaculada Credit Union has branches in Orange Walk and Belmopan.


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