• Both entities launch COMPYTE, a free online tool that will measure the competitiveness of social economy companies.
• Cooperatives, labor companies, fishermen's associations, mutual societies, insertion companies, special employment centers, foundations and associations will be the beneficiaries of the financing.
• LABORAL Kutxa will not request mortgage guarantees from the recipients.
Madrid, November 13, 2017.- The Spanish Business Confederation of the Social Economy (CEPES) and LABORAL Kutxa, within the framework of the agreement they have signed, will boost the competitiveness of Social Economy companies through two innovative initiatives.
On the one hand, Laboral Kutxa will allocate 50 million euros to promote the development of the Spanish social economy . The new EaSI Social line, the largest in Europe, facilitates the granting of loans and credit accounts to projects promoted by companies that have a positive social impact. This initiative is supported by a guarantee belonging to the Program for Employment and Social Innovation (EaSI), financed by the European Union.
The European Investment Fund (EIF) does not grant direct aid to companies or invest directly in them, but rather selects the appropriate financial partners, to whom it provides guarantees to cover loans and credits. LABORAL Kutxa will assume the function of granting the financing favored by this line for a total of 50 million euros.
The President of CEPES, Juan Antonio Pedreño, affirmed "that this initiative by Laboral Kutxa is very positive because it contributes to strengthening competitiveness and access to financing not only to the companies integrated in CEPES, but also to new entrepreneurship projects within of the Social Economy ".
50 million to achieve a positive social impact
The amounts of the operations favored by this new agreement will not exceed € 500,000 for each applicant company. The maximum repayment term has been set at 10 years for loans and 3 years for credit accounts. No mortgage guarantees will be requested and refinancing operations are totally excluded. LABORAL KUTXA has assumed the commitment to grant the total of the subscribed amount, 50 million euros, within a period of 30 months.
The recipients of this new line of financing must credit sales volumes and assets on the balance sheet of less than 30 million euros. As for the legal form, they must be framed in Law 5/2011 on Social Economy: cooperatives, labor companies, fishermen's associations, mutual societies, social insertion companies, special employment centers and foundations or associations that exercise economic activity.
The initiative aims to achieve a positive and measurable social impact, for which a series of indicators have been established that take into account the impact generated according to the type of activity of the applicant of the financing.
Four sections of activity have been established:
1.- Social integration.
2.- Health.
3.- Knowledge and teaching.
4.- Industrial, productive, agricultural and other services companies.
Depending on the activity in which the applicant is framed, social objectives and measurable impacts vary. Thus, for example, to companies in the field of educatione, among other indicators, will be taken into account the number of students instructed, and agricultural or industrial companies will be evaluated the evolution of their billing. Likewise, common meters will also be applied to all activities, such as the number of stable jobs generated or the quality certificates obtained.
All the information of this financing line is available at https://www.laboralkutxa.com/es/empresas/financiacion/convenios/easi-economia-social
CEPES and LABORAL KUTXA launch COMPYTE
On the other hand, and in parallel with the launch of this new EaSI Social financing line, CEPES and LABORAL KUTXA are launching a study on the competitiveness of the social economy in Spain , through the self-diagnostic tool COMPYTE.
LABORAL Kutxa has extensive experience in financial advisory work for its client companies. This knowledge about the business reality, combined with the information about the companies contained in the Pyme2020 Competitiveness Observatory, has served as a starting point to develop COMPYTE.
With the contribution of Mondragon Unibertsitatea - Mondragon Innovation & Knowledge (MU-MIK), LABORAL Kutxa has designed the instrument that allows each company to measure its own competitive level with respect to its direct competition and, in addition, to extract the main keys to raise its competitiveness in the medium and long term.
How to participate in the study?
Any Social Economy company through the link http://www.compyte.eus/ can measure its competitiveness around five key factors (innovation, internationalization, entrepreneurship, financing and people) and can perform comparative analyzes with other companies of its own sector. It is based on an online and free test that is adapted according to several factors, such as the sector, size, age, level of growth, etc.
Pedreño "considers this tool very useful for the companies that participate, since in addition to receiving an individualized report, it will help them to make the adjustments they consider necessary to increase their competitiveness".
About LABORAL Kutxa
LABORAL Kutxa is a credit cooperative with 60 years of history that is integrated into the Mondragon Group. It carries out its financial activity by providing products and services to more than 1,200,000 families and businesses. Its network of offices for individuals, self-employed workers and micro-enterprises are located in the main population centers of the northern half of the Spanish State. In addition, it has a specialized network of offices for companies .
The closing figures of 201 6 present a balanced balance, with 19,619 million of managed resources and 13,433 million of credit investment, where a high level of solvency stands out, with a CET1 (fully loaded) capital ratio of 17.46%, and a consolidated net profit after taxes amounting to 111 million euros.
