#cooperative financing

[coopsday]

Strengthen the Cooperative sector to promote social solidarity for economic growth.

In line with the ILO’s Promotion of Cooperatives Recommendation, 2022 (No.193), Kenya recognizes the role of cooperatives in jobs creation, resource mobilization and socio- economic contribution to the nation’s development. The Government of Kenya’s social and economic plan dubbed the Bottom-Up Economic Transformation Agenda- (BETA) has placed cooperatives at the centre of its development plan.

BETA identifies cooperatives as an enabler that can facilitate positive changes at the bottom of the pyramid. Cooperatives cannot only drive organization of producers and aggregate production at the primary level but can also be used to promote access to markets, Business Development Services, financial services, social protection among other services. Over the years the cooperative sector in Kenya has lost its competitiveness due to changes in the business environment, governance challenges, advancement in technologies, and the decreasing returns to the agriculture sector among other challenges. To enable cooperatives to anchor its development plan, the Government has embarked on a cooperative sector transformation journey to improve the sector’s productivity, efficiency, and accountability.

The ILO, through the Partnership to Improve Prospects for Forcibly Displaced Persons and Host Communities programme (PROSPECTS) has been providing technical support to the Government to develop the Kenya Cooperatives Transformation Strategy (KCTS). A sector stakeholder consultative meeting was held in August 2023 to align the sector priorities to the BETA, and to prioritize issues that needed to be addressed in the transformation. Further sector consultations at grassroot level were held to gain buy in and provide room for public participation as required by law.

From 22-31 January 2024, ILO supported the organization of a final workshop that brought together key Government departments including the State Department of Cooperatives, the Presidential Economic Transformation Secretariat (PETS), the Cooperatives University of Kenya, the Attorney General’s Office, the Kenya Law Reforms Commission (KLRC), the Council of Governors, Cooperatives Alliance of Kenya, and the SACCO Society Regulatory Authority (SASRA). The objective was to finalize the drafting of the Kenya Cooperative Transformation Strategy. During the workshop, the following 11 key pillars were identified to enable the cooperative transformation agenda in Kenya: -

Pillar 1: Policy, Legal, Regulatory, and Institutional Framework, which focuses on establishing a robust foundation for cooperative development by formulating and implementing effective policies, legal structures, regulatory frameworks, and institutions.

Pillar 2: Cooperatives Compliance, which emphasizes the importance of compliance with established regulations and policies, encouraging cooperatives to adhere to cooperative principles and legal standards.

Pillar 3: Cooperative Governance which involves mechanisms for democratic decision-making, ensuring fair representation, and establishing accountability mechanisms to enhance the overall governance of cooperatives.

Pillar 4: Cooperative Productivity, Value Addition, and Market Access, which focuses on enhancing the economic viability of cooperatives through strategies to improve productivity, add value to products and services, and facilitate market access, ultimately contributing to the economic success of the cooperative enterprise.

Pillar 5: Cooperative Training, Information, and Research, which includes building the capacity of cooperative members and stakeholders through training, information dissemination, and research for informed decision-making and continuous improvement of the sector.

Pillar 6: Cooperative Knowledge Management which puts emphasis on the systematic organization and utilization of knowledge within cooperatives. It involves the creation of knowledge-sharing platforms, documentation of best practices, and fostering a culture of learning and innovation to enhance the overall knowledge base of the cooperative community.

Pillar 7: Cooperative Financing and Investment which addresses the financial aspects of cooperative development, including mechanisms for raising funds, managing finances effectively, and promoting responsible investment practices to ensure the financial sustainability of cooperative enterprises.

Pillar 8: Information, Technology and Digitization which explores the integration of Information and Communication Technologies (ICT) and other innovative technologies within the cooperative sector. This pillar aims to enhance efficiency, connectivity, and competitiveness through the adoption of modern technologies.

Pillar 9: Inter-Linkages and Coordination with Strategic Partners which underscores the importance of collaboration and coordination between cooperatives and various strategic partners.

Pillar 10: Cooperative Communication which focuses on promoting collaboration, transparency, and unity among members, stakeholders, and the broader community for social solidarity.

Pillar 11: Cross cutting Issues: Climate Change, Disaster Preparedness, Gender Inclusivity, Refugee Inclusion, Mainstreaming Youth, and PWDs, Peaceful Coexistence and wealth Distribution, which addresses key overarching concerns that have a profound impact on the cooperative sector.

The workshop also served to prioritize the transformation pillars and review the legal framework (Act and Regulations) that will enable the implementation of the strategy. As a next step the strategy, revised Cooperatives Bill and Regulations will be presented to the responsible parliamentary committee for enacting, before rolling out the implementation plan. The ILO will continue to provide technical assistance to Government to strengthen the Cooperative sector to promote social solidarity for economic growth.

[cherryinterlude]

RAHHHHHH I LOVE TRAP 2024

[vamprisms]

one does not simply walk into mordor? thank fuck i hate walking. tell sam to pull the 1998 nissan micra around

[unhonestlymirror]

Zelensky: Ukraine recognises both Israel and Palestine. Israel has the right to defend itself but Ukraine is also ready to help Palestinians if they seek help.

Ukrainians:

Ukrainians: Zelensky is truly Jewish.

[hella1975]

im genuinely the dumbest person alive

[ea-paperbits]

People out there becoming slaves to capitalism and the patriarchy in the name of growing up and being 'adults'

[arctic-hands]

Cost of housing is bonkers and so is Indiana. If I didn't have two roommates to share rent with on my meager SSI (which is the full amount a single person can get and it's still a pittance), I would have had to move out of Indiana and back to Small Dead Factory Town, Indiana and rent my grandmother's whole house from my father for actually much more cheaper than a studio in Baltimore, and Baltimore is (or was, not sure now in the last few years) was one of the cheapest major cities in America. And even ignoring the fact that my father would be the landlord, it wouldn't have even been favoritism keeping rent low, it was around the same price as renting a whole ass house from anyone else in the town.

BUT Indiana is more violent to people like me (disabled, queer, on welfare. If I were Black or another person of color it would be even moreso, the vastly majority white and universally conservative town had an active Klan chapter until just a few years ago) than even Baltimore's violent reputation. While I was still living there pence stripped me of my life saving Medicaid. And one of the few openly queer people there was literally chased out of town and had to flee to another state after receiving multiple credible death threats for trying to organize a Pride event in June, by a group calling themselves "Whitewater Valley Groomer Removers", so like. Even ignoring the fact that I was miserable the entire four years I was living in that town (I grew up in a larger town, small city, but we moved to Dying Factory Town to be closer to my widowed grandmother), it would have been terrifyingly unsafe for a multitude of reasons

[bionikgeek]

Employees who have criticized Elon Musk in Twitter’s Slack channels were fired overnight over email. “We regret to inform you that your employment is terminated immediately,.. Your recent behavior has violated company policy.” https://www.cnet.com/news/social-media/twitter-musk-timeline-employees-seemingly-sacked-for-criticizing-musk-on-slack/ What in the entire universe of possible fucks? The move itself horrified me as an HR professional. Many of the comments on the following twitter thread even more so, this man is the picture in the dictionary next to the phrase "idiot scumbag". And at this point anyone who still stans him are just willfully ignoring his horrendous behavior, or celebrating it because they wish they could just fully collapse into a shitposter everything bagel black hole and expunge any thoughts or feelings for others from themselves like some kind of Kohlinar for social awareness and "Snowflakedom". https://twitter.com/CaseyNewton/status/1592539948745650176 @CaseyNewton: NEW: Employees who have criticized Elon Musk in Twitter’s Slack channels were fired overnight over email. “We regret to inform you that your employment is terminated immediately,” they’re being told over email. “Your recent behavior has violated company policy.”

As an hr professional:

Elon, my man, and those stanning him...

So, Elon & Stans, please let me politely request and require that you

You know what folks?

[tawghasa]

Hey, US friends!

Does anyone want to do me a HUGE favour?

[thehardkandy]

boss, audibly concerned: oh no

me: what's spiced your eggnog?

[navinsamachar]

कुर्मांचल नगर सहकारी बैंक की 42वीं साधारण वार्षिक सभा में दिखी बैंक की वित्तीय उत्कृष्टता

नवीन समाचार, नैनीताल, 13 सितंबर 2024 (Kurmanchal Nagar Sahkari Bank Nainitals 42nd AGM, Bank News)। उत्तराखंड राज्य के सर्वप्रमुख नगर सहकारी बैंक-‘दि कुर्मांचल नगर सहकारी बैंक लिमिटेड नैनीताल’ की 42वीं साधारण वार्षिक सभा शुक्रवार को राज्य अतिथि गृह नैनीताल क्लब मल्लीताल नैनीताल के सभागार में आयोजित हुई। इस अवसर पर बैंक के सामान्य निकाय के प्रतिनिधियों ने भाग लिया और बैंक के वित्तीय आंकड़ों की…

[letsgrowyourbusiness]

Skill Management: The Foundation of Financial Success

[farmerstrend]

Boosting Potato Productivity in Kenya: AGRA Unveils Initiative to Support Potato Value Chain in Kenya

In a move to increase potato productivity in Kenya, AGRA in collaboration with the National Potato Council of Kenya (NPCK), Egerton University, Kenya Agricultural and Livestock Research Organization (KALRO) and County Governments have unveiled a programme dubbed the Kenya Sustainable Potato Initiative (KSPI). L-R, Dr. Moses Nyongesa, Centre Director KALRO Tigoni, John Macharia, Country Director…

[southsouthcooperationday]

Multi-stakeholder round table 7: International development cooperation.

7th Plenary meeting- Round table at the First Session of the Preparatory Committee for the 4th International Conference on Financing for Development, Addis Ababa, Ethiopia, 22-26 July 2024.

United Nations Economic and Social Council, United Nations Department of Economic and Social Affairs (DESA), UN Trade and Development.

Watch the Multi-stakeholder round table 7: International development cooperation!

[kk-praveen]

Fueling Entrepreneurship: The Benefits of Taking a Business Loan from Cooperative Banks and Societies in India

In the dynamic world of business, access to timely and affordable credit is crucial for entrepreneurs and small business owners. While commercial banks are a common source for business loans, cooperative banks and societies offer unique advantages that make them an appealing option. Here’s an in-depth look at the benefits of taking a business loan from cooperative banks and societies in India.

1. Lower Interest Rates

One of the most compelling reasons to consider cooperative banks and societies for business loans is the lower interest rates they offer. Unlike commercial banks, which often have higher rates to maximize profitability, cooperative banks and societies operate on a not-for-profit basis. This allows them to charge lower interest rates, making the overall cost of borrowing significantly lower.

2. Flexible Repayment Options

Cooperative banks and societies provide flexible repayment terms that can be customized to suit the borrower’s financial situation. They offer various repayment schedules, including the option to pay in installments or as a lump sum, allowing business owners to choose a plan that best aligns with their cash flow.

3. Simplified Application Process

The application process for business loans from cooperative banks and societies is generally more straightforward compared to commercial banks. These institutions require fewer documents and have less stringent eligibility criteria, making it easier for entrepreneurs to secure a loan quickly. This simplicity is particularly beneficial for small business owners who may not have extensive financial records.

4. Personalized Service

Cooperative banks and societies are known for their personalized service. Unlike commercial banks, which may treat borrowers as mere account numbers, cooperative institutions offer a more supportive and understanding environment. They consider the unique needs and circumstances of each borrower, ensuring a more personalized and satisfactory experience.

5. Community Support

As community-focused institutions, cooperative banks and societies offer a level of understanding and support that is often unmatched by commercial banks. These organizations are deeply rooted in the local community and have a vested interest in the welfare of their members. This community-oriented approach can provide business owners with additional support and leniency when needed.

6. Financial Inclusion

Cooperative banks and societies play a crucial role in promoting financial inclusion by extending credit facilities to underserved and marginalized communities. This ensures that individuals from diverse backgrounds have access to the funds they need to start or expand their businesses, regardless of their financial standing.

7. Transparency

Transparency is a hallmark of cooperative banks and societies. Borrowers can expect clear communication about loan terms, conditions, and any associated fees or charges. This transparency builds trust and ensures that there are no hidden costs or unpleasant surprises down the line.

8. Lower Processing Fees

Another significant advantage of taking a business loan from cooperative banks and societies is the lower processing fees and charges compared to commercial banks. This reduces the overall cost of borrowing and makes the loan more economical for business owners.

9. Focus on Local Development

By supporting local businesses, cooperative banks and societies contribute to the development of the community. The funds borrowed are often reinvested in the local area, promoting economic growth and stability. This local focus ensures that the benefits of the loan extend beyond the individual business to the broader community.

10. Potential for Additional Benefits

Many cooperative societies offer additional benefits to their members, such as profit-sharing, voting rights, and a say in the management of the cooperative. These benefits can enhance the borrower’s overall financial well-being and foster a sense of belonging and responsibility.

11. Safe and Secure

Cooperative banks and societies are regulated by the government and other regulatory bodies, ensuring compliance with financial standards and providing a secure borrowing environment. This regulation offers an added level of security and trust for borrowers.

12. Contribution to Social Welfare

By choosing to take a loan from cooperative banks and societies, borrowers indirectly contribute to social welfare activities and community development projects initiated by these institutions. This creates a positive impact on the broader community and promotes a culture of mutual support.

13. Enhanced Financial Literacy

Many cooperative societies offer educational programs and training to improve financial literacy among their members. This can help business owners manage their finances more effectively, make informed decisions, and avoid potential financial pitfalls.

14. Tailored Loan Products

Cooperative banks and societies often offer loan products that are tailored to the specific needs of their members. This customization can ensure that the loan terms and conditions are more favorable and suitable for the borrower’s unique situation.

15. Risk Mitigation

Cooperative banks and societies often have mechanisms in place to mitigate risks for borrowers, such as insurance for the loan amount. This provides an additional layer of security for borrowers in case of unforeseen events.

16. Support for Small and Medium Enterprises (SMEs)

Cooperative banks and societies are particularly supportive of small and medium enterprises (SMEs), which form the backbone of the Indian economy. By providing accessible and affordable credit, they help SMEs to grow, innovate, and contribute to economic development.

17. Community Empowerment

By supporting local businesses, cooperative banks and societies play a crucial role in community empowerment. They provide the necessary financial tools and resources for individuals to improve their living conditions and contribute to the community’s prosperity.

In conclusion, taking a business loan from cooperative banks and societies in India offers numerous benefits, including lower interest rates, flexible repayment options, personalized service, and community support. These institutions provide a supportive and transparent environment that can make entrepreneurship more accessible and sustainable. By choosing to borrow from cooperative banks and societies, business owners not only invest in their own success but also contribute to the development and empowerment of their local communities. Cooperatives4all serves as a user-friendly digital platform specifically tailored to support and empower cooperatives across the World

[yimsoksophors]

Field validation: Agri-financing and insurance market assessment

The mission team conducted a ground check regarding the agri-finance baseline with agricultural cooperatives, the private sector, including cashew nut processors, the Cashew Nut Association of Cambodia, as well as MFIs and banks. The purpose of the mission was to verify and validate the agri-financing and insurance baseline assessments by gathering additional data on the ground. Based on the…