Workers’ cooperatives usually are made up of a team of personnel who band their means alongside one another to function an enterprise where they get the job done. While in the context of workers’ cooperatives, the time period “worker” involves all varieties of labor and professions, from plywood companies to medical professionals. This way of cooperative firm is preferred in Europe, but substantially considerably less so while in the United States.
Financial cooperatives
Financial institutions may well also function on a cooperative basis. Credit unions, mutual savings banks, and savings and loan associations can all be types of financial cooperatives. These types of cooperatives allow patrons to borrow or save beneath equitable terms that may well be tricky to acquire at regular institutions.
Such organizations also may well be formed to mostly serve other cooperatives. By way of example, the National Cooperative Finance Corporation is usually a principal facilitator of funding for rural electric cooperatives in will need of capital for program upkeep and expansion.
