Yolanda Díaz seeks donations for 23-J and promises 3.25% interest to those who lend more than 200 euros to Sumar
Sumar has launched a line of microcredits with which it intends to finance its electoral campaign ahead of the general elections on July 23. And the coalition led by Yolanda Díaz has decided to promote it by promising benefits to its patrons: whoever lends between 200 and 10,000 euros for the project of the second vice president of the Government will receive interest of 3.25%, conditional on the electoral subsidy that depends directly on the result of the polls.
This subsidy has been set for 23-J at 21,167.64 euros for each seat obtained in Congress or the Senate. In addition, each vote is subsidized with 0.81 euros in the Congressional elections, and with 0.32 euros each vote in the Senate ballots. The money is paid into the matches after the proclamation of the final results. Although those who have previous results can request advance payments of up to 90% to cover their campaign.
Following the traditional line of argument of Podemos, Sumar defends that the objective of microcredits is “not to ask banks for money so as not to depend on financial powers”, and they place the remuneration of their 'depositors' at 3.25% to match it at the legal interest rate of money for 2023. The remuneration of these donations has already been carried out by the PSOE before.
On the website enabled for donations, the form offered by Sumar only allows you to choose between fixed amounts: 200 euros, 500, 1,000, 2,000, 3,000, 4,000, 5,000, 6,000, 7,000, 8,000, 9,000 or 10,000. Next, in addition, Yolanda Díaz's coalition presents a box in which the donor can waive receiving interest and accept that “only the amount borrowed” be reimbursed.
In the contract offered by the website, Sumar explains that it will continue to accept donations up to 60 days after 23-J and offers details on the calculation of the 3.25% to be returned to the lenders.
Specifically, it stresses that this accrued interest “will be calculated between the date the amounts were delivered to Sumar by transfer and the date the principal is repaid.”
And anticipate the possible risks of the operation. “The total amount of the loan will be returned to the subscriber after the elections, at the moment in which Sumar collects the legally established electoral subsidy”, advances. But: “In the event that the total subsidy is less than the total amount subscribed on the subscription end date, Sumar will have a period of 12 months after receipt of the subsidy to repay the part not covered by said subsidy “.
The risks of this type of investment were revealed on 28-M with microcredits, for example, from Podemos, which will now have to repay the money lent by its supporters despite having been left without representation in the Madrid Assembly elections or the City Hall of the capital, among other places.