H.R.C.U. establishes fund for education

There are few institutions in Belize more authentically grass roots than our credit unions. And today the nation’s largest credit union announced a major new initiative to give back even more… to its members and the community. News 5’s Patrick Jones reports.

Patrick Jones, Reporting

The fifty-two page book chronicles what directors of the Holy Redeemer Credit Union say is a ?Gigantic people?s success story.? Rudy Castillo who authored the book: ?H.R.C.U. ? Sixty years of Growth…and still growing? charts the development of the institution from its inception in 1944 with a membership of three women and share capital of seventy-five cents, to where it is today: the leading credit union in the country. President of the Board of Directors, Karl H. Menzies, says he?s proud of his institution?s history.

Karl H. Menzies, President, H.R.C.U.

?I would say it?s informing the public of what we are doing to help the education system in this country, because I think it?s very necessary. And also to encourage them to save their money it?s for their own good, it?s for their own age. When you get older the medical bills are higher, the cost of medicines are higher and you need more money; and you can do it by saving.?

?We feel that if you study that book you will realize that a lot has gone in and a lot has been done and a lot of people have worked hard to grow the credit union. The big thing is the education of people, how to save.?

H.R.C.U.?s commitment to education was concretized at this morning?s press conference when the board announced the Henry Charles Usher Educational Grant Programme. Grants totalling sixty thousand dollars will be awarded each year to ninety-five students ranging from lower and middle primary school all the way to junior college. Menzies says while the funds will be a grant, recipients should not expect a totally free lunch.

Karl H. Menzies

?We want them to learn to do something to get something. We just don?t believe in pouring manna from heaven for people and spoiling them. ?

?It could be a child who is a member of the credit union, because we have lots of youths, we are training the youths to save. And it could also be the parents of a child who is not a member, but the parent must be a member. But it could be the child of the parent or one of the members inside who is going to school.?

Apart from providing transcripts and a recommendation from an educational institution, prospective grant recipients will be required to submit a short essay about the life and involvement of Henry Usher in the Belize Credit Union movement, especially at H.R.C.U. Managing Director Jane Usher says it is a fitting tribute to a man who dedicated much of his life to Credit Unions.

Jane Usher, Managing Director, H.R.C.U.

?I think that when I think of my husband, he was more dedicated to the Holy Redeemer Credit Union and the movement in Belize than he was to all of us at home. He gave his life for the movement and I am happy to be enjoying it.?

Miss Jane, as she is affectionately known, has been with the Holy Redeemer Credit Union for the last forty-eight years and has seen its assets reach over two hundred million dollars. But while H.R.C.U. is today a financial powerhouse, Usher says it truly is a people?s success story.

Jane Usher

?A people?s success story because without people it would not have succeeded. And as more people came in the bigger we grew, there were more difficulties. Some people were not as good as we wanted them to be, but we still encouraged them.?

Karl H. Menzies

?It took the credit union twenty-five years to reach its first million, but as the membership grew, the credit union grew. And a lot depends on the economy, because the credit union is the working man?s bank. And it is an indication of what the economy is like because if the working man is working and earning enough to save, it will reflect in the credit union.?

Patrick Jones

?It took twenty-five years to reach the first million, but the second million it took less…?

Karl H. Menzies

?Yes it took less, to where overall it took the credit union fifty-five years to reach its first hundred and three million; from 1944 to 1999, to get to one hundred and three million. But from 1999 to yesterday, it grew more than double; it went from one hundred and three million to two hundred and eight million in just five years. But the membership yesterday stood at thirty-six thousand two hundred and ninety-three.?

And with the Education Grant Programme launched this morning, that number is expected to keep increasing. Patrick Jones, for News 5.

The deadline for applications is June thirtieth and names of awardees will be announced by mid-August.