Mayday! Mayday! The moment Sophie has been dreading has arrived: from 31 December 2024, it will no longer be possible to access S-Net without using Luxtrust Mobile! That gives her six months to convince her dad to accept the technology and replace his physical Token with the Luxtrust Mobile app. And if you’d had dealings with her dad, you’d know that’s no easy task!
When your savings become an asset for financing responsible projects with etika
Do you like the idea of helping to finance a project that respects the planet and treats its employees fairly, with ethical values? In this case, Alternative Savings from etika should be of particular interest to you. Any project that respects the environment, and/or involves social issues and/or is based on solidarity, is worthy of special attention from Spuerkeess, which proposes a solidarity mechanism, the Alternative Loan, in partnership with etika. Find out more about these two solidarity products in this article, with our expert Zoé Peter, Corporate Relationship Manager at Spuerkeess.
etika, solidarity at the heart of our approach!
Zoé, can you explain the partnership with etika, which has lasted for over a quarter of a century?
etika, a non-profit association, took the initiative of proposing a mechanism to support responsible projects through saver solidarity. To achieve this, etika needed a solid financial partner who shared the same vision and represented the same values. That’s how the partnership between etika and Spuerkeess took shape over 25 years ago now.
What does the solidarity mechanism consist of?
Together, etika and Spuerkeess have designed a solidarity-based mechanism that brings together two complementary products: the Alternative Savings account and the Alternative Loan.
On the one hand, we have savers (individuals, non-profit organisations or companies, etc.). They not only provide the capital for loans to sustainable projects selected by etika. They also guarantee that, on the other hand, borrowers obtain loans at lower interest rates to pursue their “responsible” projects.
The content is hosted on a third party platform (www.youtube.com). In order to view the video, please accept the use of third party cookies by this platform, as further described in our https://www.spuerkeess.lu/en/about-us/publications/cookie-policy/.
To do this, they give up a small part of interest revenues. The project promoter therefore benefits from a solidarity effort from the saver. To obtain a loan at a favourable rate, certain responsibility criteria must be met.
Who can apply for an Alternative Loan?
Any company or social or environmental project active in Luxembourg and beyond can apply for an Alternative Loan. Provided that the project to be financed pursues at least one of the following objectives:
-
social and cultural utility
-
respect for the environment
-
international solidarity
Responsible etika projects that have already seen the light of day!
A look back at some of the projects funded by etika
etika is a local initiative. Savers can discover, close to home, the projects benefiting from Alternative Loans and see what their act of solidarity is actually being used for. Since the launch, over 230 “sustainable” projects have been funded in the following areas:
Your turn to show solidarity!
How should borrowers apply for an Alternative Loan?
Project sponsors must ensure that their project aims to develop an economic activity that meets at least one of the award criteria, i.e. it adds social, environmental or international solidarity value.
They then request and complete the alternative funding application form from etika, describing their project in detail and including the funding required and the planned objectives.
The application will then be discussed by the etika credit committee, which will ensure that the project meets the criteria; Spuerkeess will analyse the project's economic viability. The two partners will then decide whether to grant the loan.