The Chorotega Cooperative will intermediate CABEI resources to improve the quality of life of its members.
 On June 17, the Central American Bank for Economic Integration (CABEI) made available to the Chorotega Savings and Credit Cooperative, Ltd. of Honduras a Global Credit Line for financing medium and long term work capital and operations.
By means of this mechanism, financial services will be provided to the cooperative’s members with the goal of stimulating savings, investment, and healthy credit use. This will subsequently lead to the improvement of economic, social, and cultural conditions within operational communities.
Chorotega Cooperative’s geographic operational area includes five Honduran departments: Choluteca, Valle, Francisco Morazán, Atlántida, and Progreso. The main office is found in the city of Choluteca, with 12 branches located in the cities of Triunfo, Nacaome, San Lorenzo, El Amatillo, Tegucigalpa, El Progreso, and San Pedro Sula.
Currently the Chorotega Cooperative counts on over 47,000 members, a majority of which are micro and small business owners. Most of these members are located in the south of the country and dedicate themselves to such activities as commerce and cattle breeding.
CABEI Director for Honduras Carlos Montoya commented that the Bank has included cooperatives into its intermediary network because it is an efficient channel for reaching sectors in critical need of financing opportunities, including MSMEs and small rural producers.
“With the start of this alliance both organizations find themselves committed to development, allowing beneficiaries to count on with better living conditions, generating new jobs, opportunities in the diversification of products, give access to decent housing, promote the possibility of productivity, give an incentive to the business spirit that contributes to decreasing poverty in our country” stated Montoya.
About the Chorotega Savings and Credit Cooperative, Ltd.
The Chorotega Cooperative, with legal residence in the city of Choluteca, Department of Choluteca, Republic of Honduras, was created on June 13, 1965. The Cooperative is a private, non-profit organization. It is a member of the Federation of Savings and Credit Cooperatives of Honduras (Spanish acronym FACACH).
The Cooperative has 43 years of experience in the sector, with its principal activity being the provision of financing for commerce, housing, productive sectors, and agriculture, etc., as well as saving services for its members and their families (e.g. children saving). The institution will continue strengthening the wealth base to service members in different innovative financial sectors so as to ensure the sustainable growth of the Cooperative. |
