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How Cooperatives Benefit a Community

How Cooperatives Benefit a Community

Cooperatives are not a strange term for most. It has been an integral part of society and community building for the past span of years and has always been an ally to the people. It is where one can loan some money, invest some money, and reap other benefits that come by being a member.  It is a business designed based on the principle that every member gets to vote and has a voice. Overall, it aims to help the community by uniting the members of it. But how exactly do cooperatives benefit the community as a whole? Furthermore, is it beneficial to a growing community? FICCO got you covered, we will answer these questions for you. Here are our specifics as to how cooperatives benefit a community.

1. Accessibility and availability
Cooperatives often provide quality goods and services to areas that are usually alienated by major corporations. This is because these areas seem to be non-profitable markets. Through cooperatives, one can now easily access essential services and goods readily available to the members. This could come in the form of a loan, banking, and other partnership ventures usually just available in big cities.

2. Community-based growth
Cooperatives heavily invest in most local communities for it is where they are needed most. Through investing in these local communities, more money is put into welfare projects such as infrastructure, health, education, and many others. They also make investments on locally owned businesses which translates to a higher chance of success to compete with bigger corporations. It promotes the members to start their businesses and then fund them, helping the community as a whole by providing money and manpower. They also fund community-based events, a fiesta or a gathering could be funded by them on most occasions for the members are your usual and typical people in the community enjoying the events themselves.

3. Money circulation
As previously said, most of the members in a cooperative are residents, this means that whatever financial profits the business or the cooperative makes, it remains and circulates within the community itself. It remains an ever-growing and self-sustaining business meant to progress the economy within the community, whatever comes and goes out of the cooperative will be handled directly by the members. Everybody plays a part in the circulation of money.

4. Making connections
Cooperatives enable connections through keeping close membership of people in the society. This, in turn, creates a network of people unified through a common goal where everyone makes a benefit. This connection fosters a good relationship among the members of the community. A business that not only receives but most of all gives and connects. Strengthening pillars of society through social cohesion of diverse community residents enriching lives within the community.

5. Job opportunities
Every business requires manpower, the same is true for a cooperative. It does not only have local members as its core, but it also has local workers within the cooperative itself. Not just that, when cooperative funds a local business it also creates another chain of available jobs. This ensures an ever-increasing need for manpower. And where do they get this manpower? From the members within the community itself. This would not only make every member of the cooperative be involved, but they can also make other members of the community involved.

6. Financial services
People from far-flung areas are usually not among those individuals who can easily and regularly access the traditional banking offered in congested cities. Financial cooperatives centralize in these types of people, they offer sustainable financing to local people having these kinds of problems. With the cooperative being run by the members of the same community, the service is affordable and even friendlier to those who would want to avail. This promotes a safe and insured approach to savings and loads.

7. Mitigates poverty
Areas especially those that are considered rural areas filled with crippling poverty. These are areas where cooperatives are mostly stationed in. With the cooperative providing jobs, financial assistance, and other services, it does its part in mitigating poverty in that community. It provides financing to farmers, regular workers, and every other consumer in a rate equivocal to what they can safely accommodate.

8. Women empowerment
Cooperatives foster gender equality. Women of varying ages often have a plethora of positions in cooperatives. They are highly regarded and respected by community members for they are agents of community building. They help those who need help. Most cooperatives were even established by women to make a living while their husbands work. In a nutshell, they make money by helping their husbands and the community.

 

Cooperatives are allies towards social and community welfare. The very design of it aims to help people of varying communities to unite and together progress as one. With that being said, what are you waiting for? Join our FICCO cooperative now and play a part in this great undertaking.

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