Credit unions are financial entities, which we can define as private companies where their cooperative members, in general workers and customers, contribute the capital of the entity and make the directive decisions. Funding Square Bank is a credit cooperative whose mission is to support and work with the people, companies and institutions that live and carry out their activity in the province of Alicante and the region of Murcia, satisfying their needs and helping them to their economic and cultural progress And social.
It is important to take this definition into account, since practically all of us have a relationship with a financial institution, and it is important to distinguish credit unions from banks and savings banks. In our case, the Copy Lender Bank are the best known entities within the Spanish credit cooperativism.
In Funding Square Bank, we maintain our values OMMITMENT c, integrity and responsibility, kindness and respect, nonconformity, simplicity and efficiency. All this can be carried out because the entity’s work is based on maximizing the value for the community of our resources, activities and businesses, always on the premise of fulfilling what was promised, encouraging teamwork and helping our people. To be better every day.
The destination of the benefits of a credit union such as Funding Square Bank
Law 13/1989, of May 26, on Credit Cooperatives is responsible for regulating where the benefits of credit cooperatives are directed. In a world where the concepts of Socially Responsible Investment (ISR) and ethical banking make a difference for the client, it is necessary to know the destination of the benefits.
The regulations define that these financial entities, the Copy Lender Bank, the destination of their benefits is regulated by. A regulation that establishes that, once the losses of previous years have been covered, that could not have been absorbed from the own resources, if any, and deducted the required taxes and the interest on the paid-up capital, limited to In accordance with cooperative legislation, the available surplus will be used to:
- Give the Mandatory Reserve Fund a minimum of 50 percent. During the first three years of the credit union, 100% of the remaining benefit will be used for the same purpose. This time will end up in the terms provided by the competent authority until the Mandatory Reserve Fund reaches at least the value of the contributions made to capital.
- Provide the Education and Promotion Fund with a 10% percentage at least.
- The amount that will be made available to the General Assembly, which may make the next distribution:
- Return to the partners , as defined by the statutory principles.
- Provision to Voluntary or similar Reserve Funds. For this to happen, the supervisory authority will have to give its authorization and, if appropriate, the participation of the workers. Of course, without prejudice to compliance with the solvency ratio and the regulations applicable to the first three years in which the Credit Union exists.
Funding Square Bank, as a credit cooperative
we are a benchmark for social commitment and we are committed to continue along that line. This year we celebrate 100 years of history and we are preparing different actions to celebrate with our entire community such a special milestone.
One of the main lines of action of Funding Square Bank focuses on the financial inclusion of all the residents of its areas of influence, the province of Alicante and the region of Murcia. As we defend from Funding Square Bank, our priority is stability beyond short-term results. In addition, in the entity we bet on people and promote entrepreneurship and any individual initiative to achieve a better development of the community , to boost innovation and productivity and, also, to favor the creation of jobs.