COOP57 is a cooperative of financial services aiming at the promotion of inter-cooperation and meeting the financial needs of solidarity-based economy. All its activities are governed by the principles of ethical banking.
It uses its own resources to offer loans to social economy projects that promote self-employment, foster cooperativism, associationism and solidarity in general, and promote sustainability based on ethical and solidarity-based principles.
COOP57 offers the following financial services:
Short and long-term loans to finance projects and/or initiatives with fixed assets.
Bridging loans to advance the subsidies of entities and public entities.
Products of current financing aimed at facilitating short-term operations such as commercial paper discounting.
Inter-cooperative loans, aiming at facilitating operations between COOP57 member entities.
What guarantees are required?
Before granting a loan, COOP57 requires guarantees from the entity requesting financial support and personal non-wealth endorsements from the guarantors. By this it defends that the entity receiving this support and its members are responsible for the money received.
This guarantee is always joint, which means it is shared proportionally among all guarantors, opposed to traditional entities who require severally liable guarantors (where each of them are liable for the full amount of the loan).
What happens when an entity has problems returning the loan?
When any problems to return a loan are detected a monitoring committee is set up to establish the causes and reasons for this situation and suggest possible solutions that are satisfactory for both the entity that has received the loan and for COOP57.
Only when the entity that has received financial support from COOP57 refuses to participate in this monitoring committee will the relevant measures be adopted.
The main objective of COOP57 is to offer financial support to projects with a high social content. If a project fails, we fail too.
For further information visit www.coop57.coop