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Saint Francis Xavier Credit Union Places Loans to Sugar Farmers on Hold

The sugar cane farmers are concerned over their financial future as the Saint Francis Xavier Credit Union has placed all loans on hold for the farmers. A letter from the credit union to the Belize Sugar Cane Farmers Association explaining that due to the termination of the commercial agreement between the association and the sugar mill they have decided to cease from issuing loans to the farmers. The letter, dated September 9, closed off by saying that the credit union has to do what is in its best interest and that they will be observing the outcome of the discussions between the two parties. The letter was signed by the credit union’s General Manager, Rafael Dominguez.