Northern Fishermen Cooperative Faces Foreclosure Over $11 Million Loan Default

The Northern Fishermen Cooperative, the largest fisheries cooperative in the country is reportedly on the brink of collapse. Reports are that the NFC is facing foreclosure from the Belize Bank over an 11-million-dollar non-performing loan. The bank has already canceled the cooperative’s overdraft facility and the foreclosure would ultimately leave the NFC unable to pay some seven hundred members. The situation is compounded as the bank had approached the Holy Redeemer Credit Union to take over the loan, but the Central Bank of Belize intervened and halted that arrangement, deeming the NFC as high-risk. Registrar of Cooperatives Gareth Murillo declined comment but says that an official statement will be issued on the matter later this week. We note that the NFC has a record of financial difficulties going as far back as 2004.