Los Angeles, California
$450,000 to finance purchase of bakery for conversion to worker ownership
Community Development Financial Institution (CDFI) Award
Shared Capital Cooperative receives $1.8 million grant from US Treasury CDFI Fund Rapid Response Program to support economic recovery for cooperatives affected by COVID-19.
In early July, Vice President Kamala Harris announced the awards at the White House as part of the $1.25 billion economic relief in communities. With an award of $1,826.265, Shared Capital was pleased to be among those receiving the highest-levels of funding through the program. The award will allow Shared Capital to increase financing to cooperative businesses and housing to support economic recovery for cooperatives, their members and their communities. Last year Shared Capital made loans of more than $4.6 million to cooperatives, including providing COVID emergency loans.
For more, go here.
Welcome our New Staff Member, Mark Downey
Please join us in welcoming Mark Downey as our new Director of Finance and Operations. Mark brings extensive experience in financial management in the arts and education fields, in leadership positions and in leading organizational change guided by a commitment to equity. He will take on internal financial controls, oversight of financial reports, and budgeting as well as team building and strategic leadership. You can contact Mark at 612-767-2129 or firstname.lastname@example.org.
Meet Our Summer Intern
Charisma Thapa is interning with us this summer. Charisma has an excellent track record in research both domestically and internationally as well as first-hand experience in housing cooperatives. She will be working with our Lending and Member Relations teams to move a number of projects forward to improve our understanding of our members and their impact.
Patronage Dividend Notice
We are delighted to report that we are issuing the largest patronage dividend in Shared Capital Cooperative history – $29,726 in total. All of our borrowers will receive the equivalent of 4% of the interest they paid in 2020 back to them. This is the equivalent of dropping the interest rate paid by one quarter of one percent in 2020.
We are proud to be a member-owned loan fundwith more than 260 cooperative members throughout the U.S. By choosing to borrow from Shared Capital Cooperative, you are helping to support the fund’s growth and financial sustainability so that we can continue to expand and deepen our commitment to providing financing to the cooperative movement.
This dividend is in the form of equity credits applied directly to borrower accounts. It is not subject to tax (please consult your tax accountant for any other information). If you have not received notice or have other questions, email Adam at email@example.com.
Annual General Member Meeting and Cooperative Forum Report Back
As you have probably seen, we had a great Annual General Member Meeting and Cooperative Forum in April. You can check out our presentation, materials and a video recording of the meeting. Click here to see all the info at-a-glance.
Special Member Vote Results
First and foremost, Thank You for taking the time to participate in our special vote. We reached quorum easily and our Q and A session was a great discussion among members and staff. Nothing means more than to us than your input and we appreciate the pieces of feedback to streamline the process, too.
Secondly, we are happy to report that both questions were approved by membership. We have amended our Articles of Incorporation to have a larger number of shares to accommodate our growth and approved past Annual Meeting Minutes.
Again, thank you for being an active part of Shared Capital Cooperative. If you have questions about the Special Member Vote or the results, you can see more here. You can also email firstname.lastname@example.org or call 612-767-2100.