_{Photo: L-R: Members of Credit Union Staff looks on, Adelita Garcia receives a refrigerator from Dr. John Morris, President of the Saint Martin’s Credit Union}

by Orlando Pulido

SANTA ELENA TOWN, Cayo District, Sun. June 2, 2024

The Saint Martin’s Credit Union (SMCU) held its yearly general meeting on Friday, May 31, at the Sacred Heart College Auditorium, where the membership was updated on the advances at SMCU for the 2023-to-2024 time period.

In his Board of Directors’ Report, SMCU’s president, Dr. John Morris, stated that credit unions were created “… under the rubric of cooperative principles. Credit unions and their membership are considered as one big family.”

Dr. John Morris reported that in 2024 membership shares were $27,079,623 — a 7.46% increase over last year. Total assets at the SMCU were $39,153,354 million, which is a 3.30% increase over the previous year. However, Morris noted that, despite the increase in shares “… in assets and loan receivables, our net income did not grow appreciatively.”

Mrs. Santos Tesecum, in her Credit Committee Report, reported that in 2024 a total of 2,500 loans were requested, amounting to $17,003,298.61. Of those loan applications, a total of 1,941 were approved, with a value of $9,520,892.44.

Ms. Laura Sierra also spoke on behalf of the Supervisory Committee. Sierra informed those in attendance that in 2023 the group had participated in sessions for the development of a three-year Strategic Plan. The Supervisory Committee is also part of the Finance and Audit Committee, through which contributions were made to the budget exercise for 2024 to 2025.

Ms. Seidy Garcia, in her Treasurer’s Report, concluded that the SMCU continues to mitigate external challenges. According to Garcia, the cost of living continues to increase, while income remains stagnant. “We are at a point where fiscal management is even more important for survival. We need to be more innovative in serving our customers. And I must say that is exactly what your credit union is doing, hence the reason we remain a viable option for meeting the needs of the membership, a membership of almost 11,000 strong and growing,” said Garcia.

Garcia continued, “This was indeed another demanding year, as we were tasked by the Central Bank to ensure the updating of policies and procedure manuals are completed, and that recommended internal measures are implemented in a timely manner.”

“I would like to start by thanking all the members of Saint Martin’s Credit Union. They are very vibrant, robust, dedicated, and very loyal to their credit union. Remember, this is Cayo’s credit union. We are the premier financial institution in Cayo. We service the poor, the marginalized; our members are the people in Cayo who cannot access banks, who cannot get credit facilities; they are truly the poor man’s bank,” said Dr. Morris.

SMCU assists those in the agricultural sector

“I just want to add that we also have a lot of members who are in the agricultural sector, and we try to encourage our farmers to produce the food that we in Belize eat. Saint Martin’s Credit Union provides good funds for them. We help them out; and especially in this time during the fires, the dry weather, Saint Martin’s Credit Union is there for its farmers,” he added.

There were no vacancies on the Board of Directors at the SMCU this year, so no elections were held. During the meeting, Dr. Morris announced a 3.2% dividend.

The SMCU also has a branch in Benque Viejo, operating there for the fifth year. For that branch alone, the audited statements show a positive net cash flow of $1.16 million.