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Esperanza del Plata
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Project with Esperanza del Plata
This is a short-term loan for the purchase of plastic material and a bag of coloring for production. Specifically, about 600 kg of plastic, most of it for a received order. The rest will be used to cover other small and specific orders that might come up during the loan's duration. The project is designed to be completed two weeks after starting.
The cooperative Esperanza del Plata is a factory recovered by its workers after being shut down the 31st of October of 2008. Following their unexpected dismissal, the workers immediately began to organize to return and run the plant themselves. There are currently seven worker-owners at the cooperative, and they have found the previous owner's client list intact and demand for their product still strong. However, they have very little money coming in and find themselves without the necessary capital to fulfill all new orders. As such, growth has thus far been slow and arduous, as the workers have been obliged to reinvest a large majority of the cooperative's profits. This is why they have come to The Working World/La Base with another proposal. This is our fourth investment line of credit with Esperanza del Plata, all of them with the same purpose of providing supplies for the cooperative to cover gaps in its production cycle. Up to now, loans have been very helpful in this sense, and it is hoped that with this loan, the coop may start accumulating its own savings. On the other hand, the coop itself sees the next two months as key in their operation as a company. In june, their invoicing decreased substantially, largely because of the problems regarding their expropiations, the changing of their utilities accounts to the coop's name, and the ex-owners' debt to Edesur, which caused the electricity company to cut off their power in mid-month. Now, the first two problems have been solved (with expropiation approved in one of the houses), and regarding the power issue they have gotten Edesur to offer them a payment plan that they are able to maitnain. Having solved most of these problems, they must once again focus on production and the search for new customers, to ensure that their revenue will grow to the point tht they can buy their own supplies again and take home more money.
NameEsperanza del Plata
Signing DateJuly 23, 2009
Loan AmountAR$6,000
Repayment Schedule
Paid
2006-08-9



From Esperanza del Plata on Aug 13:
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Con un poco de atraso, lograron pagar la última cuota y cerrar el préstamo.


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