Holy Redeemer Credit Union

Name

Holy Redeemer Credit Union

Legal name

Holy Redeemer Credit Union Limited

Website

https://hrcubelize.org

Company type

Private

Founded year

1944

Operating status

Operating

Headcount range

1–10 employees

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (52213)

SIC

Savings Institution, Federally Chartered (6035), Personal Credit Institutions (6141)

akta.pro primary industry

Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)

Keywords

• Cooperative banking
• Savings accounts
• Personal lending
• Residential mortgages
• Credit union services

Headquarters

HQ city

Milwaukee

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Net Interest Income on Loans: HRCU generates revenue primarily through interest charged on personal loans, mortgage loans, and mortgage-secured loans extended to member-owners. Member-owners received a 7.0% loan interest rebate in 2020, indicating that loan interest is a material revenue source.
2. Member Deposit Float (Special/Fixed Deposits): HRCU takes Special Deposit accounts (minimum $100,000 at 5% annual interest paid quarterly) and Fixed Deposit accounts (90/180/360-day at minimum $1,000 or 24-month at minimum $25,000). The credit union earns a spread between loan yields and deposit payouts.
3. Membership and Account Fees: Members pay a one-time $1.00 joining fee ($0.25 entrance fee + $0.75 passbook fee), an annual $4.00 League Dues (effective 2010), a $30.00 annual Funeral Benefit premium ($60.00 for joint accounts), and $0.50 per non-HRCU ATM transaction fee.
4. Service Charges (Checking Account Overdrafts): Personal Checking Account carries a $3.00 monthly service fee if the balance falls below $100.00, plus charges for checks not deposited at HRCU or Heritage Bank that go through the Automated Payment System.
5. Housing Project Sales/Financing: Eagle JEM Estate affordable housing project involves a non-refundable $100.00 processing fee per application plus housing loan financing at attractive rates, providing ancillary revenue from real estate-related services.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels7 records

Core offering

Holy Redeemer Credit Union (HRCU) is a member-owned financial cooperative serving Belizean residents with deposit products (Shares, Savings, Personal Checking, Special Deposit, Fixed Deposit), lending products (Personal Loans, Home Mortgage Loans, Mortgage Secured Loans), ATM/Debit card access via the NetworkOne shared network, and 24/7 web-based online banking with bill pay. The cooperative also offers ancillary member benefits including free Loan Protection/Life Savings insurance, Funeral Benefit coverage, payroll SMS alerts, and sub-brand programs such as the Eagle JEM Estate affordable housing community and the Henry Charles Usher Educational Grant Program.

Product overview

Holy Redeemer Credit Union (HRCU) operates a member-owned financial cooperative platform rather than a single unified product, delivering a modular portfolio of deposit, lending, payments, and member-service offerings through branches in Belize City, Belmopan, and Mango Creek. The core member-ownership relationship is anchored by the Shares Account, complemented by modular deposit products (Savings, Personal Checking Account, Special Deposit, and Fixed Deposit), a lending suite (Personal Loan, Home Mortgage Loan, Mortgage Secured Loan, and the Online Loan Application / Loan@Fingertip module), the HRCU Online Banking Service with two-factor authentication and NPS bill pay, an ATM/Debit Card with NetworkOne/Heritage Bank reach, ancillary SMS alerts and depository drop safe, member benefits such as Burial Scheme Benefits, plus sub-brands including the Eagle JEM Estate affordable housing community and the Henry Charles Usher Educational Grant Program.

Differentiator

Problem solved

Functional benefit

Brands

• Eagle JEM Estate: HRCU's affordable housing community for member-owners, located at Mile 14 1/2 Philip Goldson Highway, Sand Hill Village. First phase includes construction of 67 homes.

Products and services

• Shares Account Foundational member-ownership account opened with a minimum $35 deposit; earns annual dividends on minimum quarterly balances (6.0% up to $10,000 and 3.5% above in 2020) and serves as the gateway to all HRCU member benefits.
• Savings Account Member savings account that earns annual dividends on the minimum quarterly balance with 24-hour ATM access via HRCU and NetworkOne ATMs.
• Personal Checking Account (PCA)
• Special Deposit Account
• Fixed Deposit Account
• Personal Loan
• Home Mortgage Loan
• Mortgage Secured Loan
• ATM/Debit Card
• HRCU Online Banking Service
• Online Loan Application (Loan@Fingertip) Mobile-first self-service loan origination platform accessible via losapp.hrcubelize.org/LOSAPP; members register with their mobile phone, submit loan applications and supporting documents online, and reduce in-branch wait time ahead of meeting with a loan officer.
• Eagle JEM Estate (Affordable Housing Community) HRCU's affordable home-ownership housing project with phase one planning for 67 homes and a Housing Committee-driven pre-screening application process for eligible member-owners.
• Henry Charles Usher Educational Grant Program Annual educational grant program awarding grants to primary, secondary, and tertiary students who are HRCU members or offspring of members.
• HRCU Mobile SMS Text Alerts (Payroll SMS Alert)
• Other Member Services (Payroll Deduction, Collection, Check Cashing, Loan Counseling, Foreign Exchange, Balance Confirmation Letters, J.P. Services)
• Loan Calculator
• Savings Calculator
• Depository Drop Safe (24-Hour Business Center)

Quantifiable outcome

• 6.0% dividend on shares up to $10,000 and 3.5% on remaining balance paid in 2020
• +5 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature7 records

Partnerships

Eleven partnerships are on record, tiered core and minor.

• Heritage BankcoreChannel Partner/ Reseller/ DistributorHeritage Bank is a key distribution partner that shares the NetworkOne ATM network with HRCU and sister credit unions. HRCU members can use their ATM/Debit cards at all Heritage Bank ATM locations countrywide and pay at stores with Heritage Bank POS devices. The Heritage Bank ATM locator is referenced from the HRCU site for member convenience. Shares accepted at HRCU's 24-hour ATMs and NetworkOne ATMs.
• St John's Credit UnionminorChannel Partner/ Reseller/ DistributorMember of the NetworkOne ATM network that HRCU members can access for cash withdrawals with a $0.50 per-transaction fee. Enables countrywide ATM accessibility for HRCU cardholders.
• St Martin's Credit UnionminorChannel Partner/ Reseller/ DistributorNetworkOne ATM network member; HRCU members can withdraw cash from St Martin's Credit Union ATMs with a $0.50 per-transaction fee.
• Toledo Teacher's Credit UnionminorChannel Partner/ Reseller/ DistributorNetworkOne ATM network member; HRCU members can withdraw cash from Toledo Teacher's Credit Union ATMs with a $0.50 per-transaction fee.
• La Inmaculada Credit UnionminorChannel Partner/ Reseller/ DistributorNetworkOne ATM network member; HRCU members can withdraw cash from La Inmaculada Credit Union ATMs with a $0.50 per-transaction fee.
• St Francis Xavier Credit UnionminorChannel Partner/ Reseller/ DistributorNetworkOne ATM network member with ATM locations in Corozal and San Pedro; HRCU members can withdraw cash with a $0.50 per-transaction fee.
• BDO Belize, LLPcoreImplementation/ SI/ Consulting PartnerBDO Belize, LLP serves as HRCU's external auditor. Their independent audit function supports the credit union's compliance with the Credit Unions Act and oversight by the Central Bank of Belize. The relationship is a long-standing assurance/advisory relationship rather than a commercial or financial partnership.
• Central Bank of BelizecoreOthersThe Central Bank of Belize is HRCU's primary regulator under the Credit Union Act, Chapter 314 of the Laws of Belize (Revised 2002). The regulator inspects HRCU's financial statements and related reports.
• Belize Credit Union LeagueminorStrategic or Co-development PartnerHRCU members pay an annual $4.00 League Dues to the Belize Credit Union League, the industry body representing credit unions in Belize. The League is referenced as a useful resource on the HRCU website.
• Fr. Henry Sutti, S.J. (Founder)coreOthersFounded HRCU in May 1944 with an initial investment of 75 cents from three young women — Carmen Canton, Hazel Anderson, and June Bolton — each contributing 25 cents. Historical founder/patron relationship, not a commercial partnership.
• Henry Charles Usher (Educational Grant Namesake)coreOthersThe Henry Charles Usher Educational Grant Program was established in 2004 on HRCU's 60th Anniversary in his honor, recognizing his dedicated and outstanding service to HRCU and the Credit Union Movement in Belize. The program has awarded over $4 million in grants over 20+ years.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• St John's Credit Union: One of HRCU's sister Belize credit unions in the NetworkOne ATM network. St John's competes directly for Belize resident members in similar deposit, lending, and member-services categories under the same Credit Union Act framework.
• St Francis Xavier Credit Union: Belize credit union with NetworkOne ATMs in Corozal and San Pedro. Competes with HRCU for Belize resident members under the same Credit Union Act, offering similar shares, savings, loan, and member-benefit products.
• La Inmaculada Credit Union: Belize credit union within the NetworkOne ATM network. Operates a comparable member-owned cooperative model offering deposit, loan, and member-benefit products to Belize residents in overlapping geographies.
• Toledo Teacher's Credit Union: Belize credit union participating in the NetworkOne ATM network. It serves a similar member-owned cooperative model in Belize and competes for Belize resident members in deposit, loan, and member-benefit categories.
• St Martin's Credit Union: Another NetworkOne ATM-partner Belize credit union, providing HRCU members reciprocal ATM access. St Martin's competes for the same Belizean member-owner base with comparable deposit and loan products under the same national regulatory framework.

Others

• Belize Credit Union League: Industry body representing credit unions in Belize, of which HRCU is a member. HRCU members pay an annual $4.00 League Dues. While not a direct competitor, the League is a key ecosystem participant shaping credit union policy, interoperability, and shared infrastructure in Belize.

Broad incumbents

• Belize Bank Limited: One of the largest commercial banks in Belize, offering a broad portfolio of retail, corporate, and digital banking services. Competes with HRCU for Belize resident deposits, loans, and payment services, with deeper product breadth and a national branch network.
• Heritage Bank Limited (Belize): Belize commercial bank and HRCU's key NetworkOne ATM/POS distribution partner. Heritage Bank is a larger incumbent offering a broader portfolio of retail and commercial banking services across Belize and overlaps HRCU on deposits, payments, and ATM access for the same national customer base.
• Scotiabank Belize: Subsidiary of Scotiabank serving Belize with a full suite of retail, commercial, and wealth banking products. Competes with HRCU for high-value Belizean deposits, mortgages, and card products, with substantially larger scale and international reach.
• Atlantic Bank Limited (Belize): Belize commercial bank providing retail and corporate banking products across the country. Overlaps with HRCU on deposits, payments, and consumer lending for the same Belizean resident and small-business customer segments.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/watch?v=xOdw3lIeK90
• Facebookfacebook.com/hrcubelize

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Holy Redeemer Credit Union