Crédit Agricole 140 years of history : 1880s - Creation in the Jura

At that time, French farming was in a poor state. It was suffering the effects of international competition and from several health crises affecting production. Farmers struggled to find funding to grow. At the time, banks were located mainly in urban areas and did not understand the specific needs of farmers or the pace of production. Farmers themselves were wary of loans, which they saw as the first step towards ruin.

It is in this context that two men created Crédit Agricole’s first local bank. Alfred Bouvet headed a forestry company that sold its production in Europe. Louis Milcent was a former auditor at the Council of State who came to settle in the Jura département. They saw that local farmers earned little from their work and that it was difficult for them to improve their working conditions.

Alfred Bouvet and Louis Milcent were inspired by the ideas of mutualism that had been gaining ground across Europe for several decades.

On 25 February 1885, the “Caisse de crédit mutuel agricole de l’arrondissement de Poligny” was created. Alfred Bouvet made staff available from his company, and the head office was established in Salins-les-Bains

The first members and directors were prominent local citizens. Borrowers - “honest and hard-working farmers” - could obtain loans of up to 600 francs, the price of two draught oxen. The loans were short-term facilities that could only be used to finance farming equipment.

The very positive outcome of the initial trial encouraged the government to promote mutualism in rural areas of France.