Ethical and solidarity finance and the organizations that promote it worldwide

Abstract

There are organizations that work with ethical and solidarity finance to help a community or individuals. These organizations are growing and generating an increasing impact on the economy, although their participation is small, they have managed to consolidate and become an important economic sector due to their social character since they provide support to the most vulnerable people. Therefore, this article aims to identify which organizations work with ethical and solidarity finance in some regions of Latin America and Colombia. The methodology used was qualitative and descriptive. For the research method, documentary analysis was used based on dialectics and analysis-synthesis. The first step was to conceptualize finance, ethical finance and finally solidarity finance. Then, from a global perspective, it is reviewed which are the main entities that promote ethical and solidarity finance. Afterwards, an exploration of some Latin American entities is made and finally it is recognized which organizations in Colombia work with this type of finances. The organizations that promote ethical and solidarity finance in Europe represent 71% of credit disbursements, while in conventional banking they only represented 40%. In Colombia, 65% of loans were placed by banks and 28% by microcredit NGOs and the rest in cooperatives.