Hope for Northern Fishermen Cooperative Amid Financial Crisis

Latest report regarding the Northern Fishermen Cooperative is that there may be hope to rescue the institution that is perhaps the largest and oldest coop in the country.  As we reported, the cooperative is teetering on the edge of collapse with its Belize Bank loan categorized as a non-performing facility.  As a saving grace, the Holy Redeemer Credit Union (HRCU) is open to taking over the loan, but if the Central Bank has its way, that won’t happen.  Prime Minister Briceno has weighed in on the dilemma, and by his indications there may still be hope to save the cooperative.

The Northern Fishermen Cooperative has an estimated membership of two thousand persons.