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John Pendle : Chairman Ian Rothwell : Secretary and Fund Manager

John Pendle : Chairman Ian Rothwell : Secretary and Fund Manager. Successful Societies Co-operating to Create Co-operative Success. Our 6 th Principle: Co-operation amongst Co-operatives in practice. The fund: established in 2002 with donations from successful retail societies

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John Pendle : Chairman Ian Rothwell : Secretary and Fund Manager

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  1. John Pendle: Chairman Ian Rothwell: Secretary and Fund Manager

  2. Successful Societies Co-operating to Create Co-operative Success

  3. Our 6th Principle: Co-operation amongst Co-operatives in practice

  4. The fund: • established in 2002 with donations from successful retail societies • initial funding of £1m • designed to support high risk co-operatives through loan finance • ‘high risk’ interpreted as new start and those having difficulty accessing traditional sources of finance • loans can be for any business purpose

  5. The fund is: • managed by Co-operative & Community Finance • structured as a company limited by guarantee • overseen by a board of directors nominated by the donating societies • co-operating with others, e.g. The Co-operative Enterprise Hub

  6. Success is: • using £1.25m of donations to provide £2m of loan finance – through ‘loan recycling’

  7. Success is: • an average default rate of 3.5% (just one default in 2009) • on average up to 50% of UK start-up companies fail in the first two years* • ‘high risk’ funds anticipate 10%+ defaults • some funds are known to have up to 40% default • only one loan ‘cancelled’ * According to the Times 100

  8. Diversity of co-operative clients: Total lent = £2.12m to 77 Co-ops

  9. Types of borrower

  10. Clansman Dynamics

  11. Unicorn Grocery

  12. Ecosulis LINKAGES BETWEEN BIODIVERSITY INDICATORS AND RELATIONSHIP TO BIODIVERSITY

  13. Porthmadoc Football Club

  14. On behalf of all the beneficiaries Thank you to Who continue to support the fund

  15. But… Success brings its own problems

  16. we have £1.06m lent to co-operatives • we have £230k ‘in the bank’ available to lend • we have approved loans of £65k • we receive circa £210k loan repayments per year • our current ‘run rate demand’ is approx £450k per year (and growing) All figures unaudited and as at the end of 2009

  17. You can do the sums yourselves: • we have insufficient funds to support demand • we will have to stop making new loans towards the end of 2010

  18. Please • become part of the success by making a donation to the fund • invite us to talk to your Society and Board You can call us on: 023 8023 1123 or 0117 916 6752

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