About Co-ops
Our fund lends exclusively to co-operatives and we support and provided ethical, accessible loan finance to a wide variety of co-ops and co-operative sectors across the UK. We are funded and run by co-operatives with the specific aim of helping other co-operatives, but…what is a co-op? Read on to find out.
What is a co-op?
Co-ops are businesses, organisations or enterprises that are democratically controlled by their members. Members can be customers, employees, members of the community, service users, suppliers or a whole host of a different people depending on the individual co-op, but with the main point being that members have a say in how the co-op is run.
Co-operative values and principles
Within co-ops the values of co-operation, openness, fairness, democracy, equality, equity, self responsibility and solidarity are all very important, but co-ops are free to define specific values in their own memorandum, articles of association, governance and policies.
There are seven internationally recognised co-operative principles that are guidelines by which co-operatives can put their values into practice. They are as follows:
1. Voluntary and Open Membership
2. Democratic Member Control
3. Member Economic Participation
4. Autonomy and Independence
5. Education, Training, and Information
6. Co-operation among Co-operatives
7. Concern for Community
Types of co-ops and co-op sectors
There are many different types of co-ops within a huge range of different sectors across the UK and throughout the world. The main types of co-ops are worker owned, producer owned, customer owned and multi stakeholder. Co-ops exist in many different sectors including retail, housing, hospitality, tech, education, agriculture, finance, environmental, fair trade, arts, music, sports and many more.
The impact of co-ops
There are 15 million co-op members in the UK and 3 million co-ops across the world. UK co-ops contribute over £40bn to the economy and it is reported that 72% of co-ops survive the first five years of business compared to that of 43% for regular companies.
More information and help
If you would like more information about co-ops or help starting a new co-op please consider using the following links or contact us directly:
