BBVA works with 40 percent of agricultural co-ops in Spain
BBVA is reinforcing its commitment to the agricultural sector, working with four out of every ten agricultural co-ops in spain. This support is particularly significant in the food and agriculture sector - one of the most dynamic in the Spanish economy, and a real opportunity to launch new business ventures. In addition, it is a fundamental sector to tackle the demographic challenge, the fight against depopulation and the preservation of local biodiversity.
Agricultural co-ops play a critical role in rural development and environmental sustainability. Through its financial services and customized products, BBVA offers solutions that are tailored to each institution’s particular needs, facilitating their access to financing, the management of their day-to-day operations and investment in innovation and technology.
Aware of this reality, BBVA has adapted financing to meet the needs of this industry with tailored repayment terms, grace periods and amortization schedules that are aligned with business cycles and revenue seasonality. Also noteworthy is the co-op plan, with which the bank seeks to cover payment and collection flows between over 1,200 co-ops with a turn-over surpassing €1 million in Spain, and the co-op members. This plan allows co-ops and their members to manage their finances more efficiently, ensuring the continuity and sustainability of their operations.
BBVA has established strategic agreements to support the agricultural co-ops. A great example is the financial and service collaboration agreement between BBVA Spain and the agricultural organization, ASAJA-Castilla-La Mancha.The purpose of this agreement is for ASAJA to carry out all documentation, information and application drafting tasks for aid under the European Common Agricultural Policy for BBVA clients in the Castilla-La Mancha region who request it. All members of the agricultural organization can benefit from this agreement.
With initiatives of this kind, BBVA is demonstrating its commitment to the sustainable development of the food and agriculture sector, providing agricultural co-ops the tools and financial support they need to prosper. This commitment is yet another sign of BBVA’s constant efforts to promote sustainability, innovation and economic growth in one of the most important sectors of the Spanish economy.
