Cooperative Development and Investment Fund

The biggest concern from the 14+ months of electricity disruption post-Hurricane Maria is the effects on multiple municipalities and thousands of island residents making life support services unavailable.  While this is being addressed through the installations of photo-voltaic and other alternative energy options, customers and industry purveyors have been hampered by the lack of universal financing contracts and a single APR.  Banking and other financial intermediaries have been slow in offering financing options.  RIL had instituted a number of cluster meetings and participated with Clinton Global Initiative to develop 1) consensus on workforce development 2) creating a universal contract 3) a standard APR.  Fidecoop was the first institution to adopt the recommendations and institute a loan program with a pool of $42 million dollars for commercial loans.  The autonomous Savings & Loan Cooperatives are considering the same for their institutions.