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“Of the Farmers… For the Farmers” |
Posted: December 28, 2005
 With this slogan, Equal Exchange’s long-term coffee cooperative partner Cepicafe, inaugurated an exciting, new Savings and Credit Cooperative “Norandino” that will provide benefits to thousands of coffee farmers throughout northern and northeastern Peru. All over the world, small-scale farmers confront the difficult, virtually impossible, challenge of accessing credit from financial institutions. Lack of credit keeps farmers living hand-to-mouth, often forcing them off their land. And so, October 28, 2005 truly marked an historic day for these farmers as they celebrated the realization of a long-held dream – to create and own their own financial institution!
Located in Jaen, Peru, the Savings and Credit Cooperative was created out of the efforts of three fair trade coffee cooperatives, CEPICAFE, CENFROCAFE and Oro Verde with the support of two other organizations, CICDA and NORCAFE. The initiative was launched with 27 members and an initial capital of $35,400 nuevo soles ($1 U.S. = 3.44 nuevo soles). Now for the first time, 500,000 coffee growing families will have the possibility of joining this nascent and important financial enterprise; an initial contribution of 100 nuevo soles will enable the farmers to enjoy full membership benefits.
The overall mission of Norandino Savings and Credit Cooperative will be to serve as a sustainable, financial business which will offer timely and competitive financial loans in accordance with the needs of the farmers themselves.
“Once again, it has been shown that together, we farmers are capable of achieving anything we put our minds to; and that by maintaining ourselves organized, we can take actions toward our own development.” Santiago Paz, General Manager of CEPICAFE
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