Microfinance
Through our involvement with microfinance The Co-operative Bank is helping to support the future development of small businesses in some of the world’s poorest countries, leading to social as well as commercial returns.
Microfinance is an example of our ‘ethics in action’. In 2005 the bank contributed US$5 million to a microfinance fund, The Global Commercial Microfinance Consortium (GCMC), which subsequently helped 300,000 borrowers to launch or grow micro-businesses.
Since then we have created a special US$50 million (£25 million) fund to participate in similar initiatives and provide loans to individuals who might otherwise be denied access to credit. The loans are used to set up small businesses that generate much-needed income; allowing people to trade their way out of poverty, improve the lives of their families and contribute to their communities.
As part of the GCMC which brings together institutional investors and development agencies, the bank is continuing to provide financial support to micro-enterprises, such as small farmers, fishermen, street vendors and cobblers by participating in similar funds.
The Co-operative Bank is the only high street bank with a customer-led ethical policy, which clearly states what we will and will not do with our customers’ money. Our involvement in microfinance clearly demonstrates to our customers how our ethical stance really works and shows how their money when invested with the bank, can make a real difference to tackling global poverty.
For more information about our microfinance initiatives contact:
Caroline Kanso
Tel : 0161 201 5355
E-mail: caroline.kanso@cfs.coop
