Thanks to the initiative, Coop57 has granted a total of 117 loans for an amount of 4.8 million euros since 2020
Fundació Seira, a leading entity in social and cooperative finance, and the cooperative of ethical and solidarity financial services Coop57 have renewed their collaboration agreement, an initiative that has provided a financing line over the last four years to address the liquidity needs of Catalan cooperatives. Since 2020, the agreement has enabled Coop57 to grant a total of 117 loans for an amount of 4.8 million euros to Catalan cooperatives.
Through the agreement, which started in 2020, Coop57 established a financing line of 2 million euros. Catalan cooperatives, especially worker cooperatives, that are members of Coop57 and are federated or intend to become so, can access this financing fund. The financing line offers two products: credit policies and liquidity loans.
Continuity of the agreement
Beyond the context of the Covid-19 pandemic, which initially motivated the signing of the agreement, the two entities have committed to update the initiative with a series of changes and improvements. The proposals include:
- Extending the agreement through March 31, 2026.
- Introducing long-term loans to expand the treasury loan options, thereby addressing the investment needs of the cooperatives to be financed.
- Reducing the minimum loan amount to 10,000 euros, down from the current 20,000 euros, to meet the needs of smaller cooperatives previously unable to access this financing line.
- Extending the maximum loan term from the current three years to six years.
- Expanding the entities eligible for funding to include social and solidarity economy entities associated with the XES.
About SEIRA
Seira is a non-profit organization established in March 2008 with the aim of supporting and innovating cooperatives and developing solutions for accessing financing for cooperative companies. Fundació Seira coordinates and drives the Financoop network, composed of 14 public and private entities, to promote ethical finance and facilitate financing for Social and Cooperative Economy (ESC) entities.
About Coop57
Coop57 is an ethical and solidarity financial services cooperative that, for almost 30 years, has aimed to transform the economy and society by financing social and solidarity economy projects. In 2023, it granted 334 loans for a total amount of 26.2 million euros.
