In 2001, employees of the City Government saw the potentials of a credit market. There were loan sharks who lent money at usurious rates. And many employees were easy prey. The pattern was observed to be pervasive and it brought the idea of harnessing this credit market for the benefit of employees. Cooperativism provided the answer.

On November 29, 2001, twenty (20) of the city government’s department heads became Cooperators, the first set of Directors was elected, and the GLEDCO By-Laws was ratified. In all, some 165 men and women employees pooled resources with a Paid-Up Capital of P125,000.00 out of the P1,744,000.00 authorized share capital.

In January 22, 2002 the Cooperative Development Authority issued Certificate of Registration No. DAG-4458 granting official approval for GLEDCO to operate.

Since then, GLEDCO’s rapid growth was inexorable posting an average of not less than P10Million for each year of its operation.

Today, GLEDCO boasts of being the fastest growing Cooperative in Ilocos Norte. It garnered the Top Prize as the Cooperative of the Year awarded by the Cooperative Development Authority for 2007.

GLEDCO continues to cater to the needs of its members, mostly employees of the City Government of Laoag, with its financial products in the form of loans of different types – salary, housing, car, buy-out, petty cash loan, etc. – and services such as e-loading, Bayad Center, Community Outreach, and many other partnerships with the City Government of Laoag. Plans are afoot in the revivification of the City Federation of Cooperatives and other business diversifications.

GLEDCO is administered by excellent managers specializing in financial management coupled with real dedication and concern for the interest of its members and stakeholders.

Its motto reflects the aspirations of an organization that recognizes its origins and true purpose: Panagkakaysa, Panagserbi, Panangrang-ay – Unity in Service for Growth.