Earlier in our newscast we told you about LICU’s participation in this year’s International Credit Union day. But there is more good news to report from the institution.
La Inmaculada Credit Union Limited, as a Microfinance Provider, was invited to take part in a transparency competition among other financial institutions.
The good news is LICU won the competition and its General Manager Yolanda Gomez and other representatives will be traveling to Kingston Jamaica to receive a prestigious award.
Yolanda Gomez – LICU Manager
“The award we are winning is actually an award in transparency for the Caribbean region, for institutions tha are for micro finance. That simply means that we clearly explain to our members owners, to those who use our services about the entire process of how for example a Credit works, if I am borrowing for a purpose I know what am I paying, I know what are my fees, I know what is my upfront fees, there are no hidden fees, everybody owns a pass book whereby it clearly indicates what am saving, the date am saving it, the initial of whose is accepting my monies, what is my loan balance, what is being charged as interest, what is being charged for what to go to your insurance for your house, because we do offer that as well, and we collect that monthly so that is doesn’t it is not a hard blow on you when you have to take out that premium payment ones a year, and that is for your insurance for your home, what goes to the principal and how that is reduced. When you come in for an interview we explain all these thoroughly to you, you have any questions, and you take the time to discuss it with our credit advisors. We don’t call those who attend to the credit as a loans officer because we do much more than that we advise and we guide you to make all the right decision and the best decisions, we run an amortization schedule for you to give you an idea of how your payments should be running every month and what is the total interest rate that you are going to be paying, so there is nothing hidden about our process everything is transparent and everything is clearly explained to our members owners and that is actually the award we will be winning because we do a lot of education , we do a lot of financial literacy, we do a lot of training, we clearly do all these things. Now this is not only for Belize, or this in not only for the Credit Unions this if for any institution that is offering micro financing services and La Inmaculada Credit Union we were invited along with many other institutions to vide for this award we had to submit specifically certain information that were required of us and based on that we had a panel who had judged these entries. The panel includes officials from IDB, officials from the EU, all the way from Europe, officials from CDB, officials from city and officials from the Caribbean micro finance alliance and this ceremony if going to be held in Jamaica and that is where we will be going to receive this award that if fully paid for as part of the winnings. I would like to end off by thanking the entire public especially our member’s owners for placing the trust on us and making us your choice to satisfy your financial needs. Also to thank publicly my dynamic team, all my colleagues, my staff members and also thank publicly our directors, our officers, volunteers who give freely of their time to guide this dynamic institution
LICU formally launched its pilot Microfinance Loan Product under the title "Quick Credit" in February of 2011. LICU's objective is to enhance the living conditions of its membership through inclusive and affordable financial services while continuously catering to the needs of the underserved and the community at large.
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