We consider the loop quantization of the (diagonal) Bianchi type IX cosmological model. We explore different quantization prescriptions that extend the work of Wilson-Ewing and Singh. In particular, we study two different ways of implementing the so-called inverse triad corrections. We construct the corresponding Hamiltonian constraint operators and show that the singularity is formally resolved. We find the effective equations associated with the different quantization prescriptions, and study the relation with the isotropic model that, classically, is contained within the Bianchi IX model. Somewhat surprisingly, we find the most natural quantization does not reduce to the model. We use geometrically defined scalar observables to explore the physical implications of each of these theories. This is the first part in a series of papers analyzing different aspects of the Bianchi IX model, with inverse corrections, within loop quantum cosmology (LQC).