Question 1

What is Cooperfac?

Accepted Answer

Cooperfac is a mutual credit cooperative (Cooperativa de Economia e Crédito Mútuo) serving employees and faculty of the Faculty of Agrarian and Veterinary Sciences (FCAV) at the Jaboticabal Campus in São Paulo, Brazil. As a non-profit financial institution, Cooperfac operates within the Brazilian cooperative credit system, providing accessible financial services to its members with the principle that each member is both an owner and a beneficiary of the cooperative. The institution focuses on offering credit and savings products with fair interest rates that serve the economic, financial, and social well-being of its members.

Question 2

When was Cooperfac founded?

Accepted Answer

Cooperfac was founded on January 6, 1986, in Jaboticabal, São Paulo. The cooperative was established by a group of 37 people from the university community at Jaboticabal who were driven by hope and determination to create better economic and financial conditions for themselves and their colleagues. The founding members held a constituent assembly and created the cooperative through the integration of capital shares, with the goal of offering mutual assistance through cooperative principles.

Question 3

Where is Cooperfac headquartered?

Accepted Answer

Cooperfac is headquartered in Jaboticabal, a municipality in the state of São Paulo, Brazil. The cooperative operates primarily from its headquarters, which serves the FCAV campus community and its affiliated members.

Question 4

Where does Cooperfac operate?

Accepted Answer

Cooperfac operates primarily in Jaboticabal and the surrounding region of São Paulo state. The cooperative's geographic focus is centered on serving the community associated with the Faculty of Agrarian and Veterinary Sciences (FCAV) campus, though its reach extends to members who may reside in nearby municipalities within São Paulo state. As a closed-bond credit cooperative (cooperativa de crédito de livre admissão de associados), its operations are defined by its membership base rather than broad geographic expansion.

Question 5

What services does Cooperfac offer?

Accepted Answer

Cooperfac offers a range of financial services typical of Brazilian credit cooperatives. These include deposit accounts for savings, credit lines and loans with competitive interest rates, and financial assistance products designed specifically for cooperative members. The cooperative provides personal loans, overdraft facilities, and other credit products with rates that are typically more favorable than traditional banks. As a mutual credit cooperative, Cooperfac focuses on democratizing access to credit and banking services for its members, who have voting rights regardless of their capital contribution.

Question 6

What makes Cooperfac unique?

Accepted Answer

Cooperfac's uniqueness lies in its specific focus on the academic and professional community of the FCAV campus in Jaboticabal. Unlike commercial banks, Cooperfac operates on cooperative principles where members are simultaneously owners and clients of the institution, giving them democratic governance through equal voting rights. The cooperative distinguishes itself by offering non-abusive interest rates and by reinvesting its resources directly into the community it serves. Founded by university personnel for university personnel, Cooperfac maintains a close relationship with the academic environment, understanding the specific financial needs and patterns of faculty, staff, and affiliated members. This targeted approach allows for more personalized service and financial products tailored to the academic community's lifecycle.

Question 7

What type of financial institution is Cooperfac?

Accepted Answer

Cooperfac is a Cooperativa de Crédito (credit cooperative), which is a specific type of financial institution in Brazil. More precisely, it is classified as a Cooperativa de Economia e Crédito Mútuo (mutual savings and credit cooperative). In the Brazilian financial system, credit cooperatives are non-bank financial institutions that are fully regulated by the Central Bank of Brazil and operate under Law 5.764/1971, which defines the National Cooperative Policy, and Resolution CMN 4.434/2015, which governs the constitution and operation of credit cooperatives. Unlike traditional banks that aim to maximize profits for shareholders, credit cooperatives are member-owned, not-for-profit institutions that exist to provide financial services to their members at the most favorable terms possible. Members hold equal voting rights in governance decisions, embodying the democratic principle of "one member, one vote" regardless of capital contribution.

Question 8

How does Cooperfac serve the academic community?

Accepted Answer

Cooperfac has been specifically designed to address the financial needs of university employees and faculty at the FCAV campus in Jaboticabal. The cooperative understands the unique financial patterns of academic professionals, including salary cycles tied to educational institutions and the specific credit needs that arise in university communities. By focusing exclusively on this demographic, Cooperfac can offer specialized financial solutions, maintain lower operational costs through a focused membership base, and build strong relationships based on shared institutional affiliation. This specialization allows the cooperative to provide more personalized service and better understand the economic circumstances of its members compared to large commercial banks serving diverse customer segments.

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About Cooperfac in Brazil