Why are you doing this campaign?
We have explained it with a little more depth here .
What is a collective endorsement?
To grant a loan, COOP57 asks for certain guarantees from the entity requesting the financial support. These guarantees are such of a personal and non-financial nature that are exercised by the persons or entities that endorse the request. The guarantee is always collective, that is, divided proportionally among all the guarantors. Unlike the conventional entities that require several guarantees (each guarantor is responsible for the entire amount of the loan), you would only respond to the money you want to guarantee and never for the total amount of credit that we are soliciting. To illustrate this, this means that if you guarantee us with € 100 and La Casa Invisible left 50% of the requested amount unpaid, then you will only have to pay € 50.
Do I have to transfer any money?
No, you do not have to transfer anything. The endorsement is a document in which a person or entity (you) agrees to respond for the applicant of a loan (La Casa Invisible), in the event that the latter commited a default on the repayment of this loan. In addition, in COOP57 they work with the idea of collective guarantees (different from solidarity guarantees, which are the ones traditionally used by traditional banks).
How are you going to repay the requested loan?
The first thing to clarify is that, in our case, the loan backed by these guarantees will only become reality when the Mayor withdraws the Order of Eviction and fulfills the commitment of direct cession of the property. At that time, we will inform you promptly of the COOP57 loan solution, which will then be effectively backed by your guarantee.
What happens if you have difficulties to return the credit?
The first thing to clarify is that, in our case, the loan backed by these guarantees will only become reality when the Mayor withdraws the Order of Eviction and fulfills the commitment of direct cession of the property. Assuming that the granting of the loan always entails a verification of the solvency of the applicants, when problems of return of a credit are detected, in COOP57 a follow-up commission is created (remember that COOP57 is formed by entities of social economy and by common people, we are all partners of the same project) that is responsible for dictating the causes and reasons for the situation and proposing how to handle them, in a way that satisfies both La Invisible and COOP57. We extract this quote from COOP57's own website:
"Only in the event that the entity receiving financial support from COOP57 refuses to participate in the monitoring commission, the appropriate measures can be taken. The main objective of COOP57 is financial support for projects with a high social content. His failure is also ours "
What happens if you can’t guarantee the total? What if you surpass it?
This guarantee is just one of the guarantees that we will provide to COOP57 but it is not the only one, the technical commission of COOP57 will study and advise us on what services we need. The fact of putting a concrete target amount is because we think it will help us to be constant in our aims, as it is a challenge when it comes to continuing to rehabilitate the space.
If we exceeded the estimated amount, we would obviously be very happy and above all responsible with all the support you have demonstrated. Nothing bad happens for exceeding 100%. On the contrary, it is positive: in the remote case of default by our when returning the loan, the load will be redistributed considering the percentage of more that has been guaranteed.
Is this a crowdfunding campaign? Do we have rewards for being guarantors?
This is not a crowdfunding campaign, so we do not follow the logic of matching objects as a reward. But it is a campaign of micro-guarantees. This guarantee means committing yourself to an economic amount. But guarantee also means that La Casa Invisible is a social and cultural project whose returns have already been (and will continue to be) given if we are left to continue with our work.
So in that sense, the reward, besides an infinite gratitude, is our commitment to continue transforming the world that surrounds us collectively, to keep taking care of the culture as we understand it (free), to carry on experimenting, to continue with our creation, thinking and acting together.
How long is the campaign?
40 days and, so as the ancient proverb says: do not leave for the last day what you can guarantee today.
How is the procedure for being a guarantor?
You have to fill out the form with your data and decide how much money you support us with. Done this, and as explained in the form, by clicking on "I accept" you will be generating with us a digital guarantee fully valid for COOP57 because it contains all your data and your acceptance.
