Shared Capital and Project Equity launched Accelerate Employee Ownership on September 5 in Long Beach, California.
Announcing Accelerate Employee Ownership
Shared Capital is proud to announce Accelerate Employee Ownership, a collaborative initiative of Project Equity to expand employee ownership and create and sustain high-quality jobs in local communities. This initiative was launched on September 5 in Long Beach, California.
Shared Capital and Project Equity launched Accelerate Employee Ownership with a $5 million investment from the Quality Jobs Fund, a project of the New World Foundation seeded by the Federal Home Loan Bank of San Francisco.
The launch event in Long Beach included speakers from Federal Home Loan Bank of San Francisco, New World Foundation, Citi Community Development, LA LISC, and the City of Long Beach. The 50+ attendees included city and state government, foundations, the SBA, Small Business Development Centers, lenders and many others.
Celebrating our 40th Anniversary at the Eastern Conference for Workplace Democracy
Shared Capital hosted workshops and a reception at ECWD in Baltimore as part of our 40th Anniversary Celebration.
Shared Capital was proud to host several workshops and sponsor the Welcome Reception at the Eastern Conference for Workplace Democracy in October as part of our 40th Anniversary Celebration. We organized a cross sector panel about co-ops funding co-ops, a workshop on loan readiness, and co-emceed Friday evening’s Opening Plenary.
The Co-ops Funding Co-ops: 6th Principle of Cooperation Among Cooperatives Panel on Truly Cooperative Finance included representatives from Shared Capital Cooperative members: Megan Schneebaum (Common Market Food Co-op), Peter Ibik (Anytime Union Taxi Cooperative), Cullen Nawalkowski (Red Emma’s Bookstore and Coffeehouse) and Reagan Hooton (Horizontal Housing).
Visitors to our table received information about loans and investments and were entered into a drawing for a $100 scholarship to next year’s U.S. Federation of Worker Cooperatives (USFWC) conference (Congratulations Steve Watkins of the Compersia Community!). Thank you to the USFWC and all attendees for a great conference!
Loans Made Since June 2019
Adams & Chittenden Scientific Glass Cooperative
$300,000 for an Accelerate Employee Ownership conversion of scientific glass manufacturing company to a worker cooperative in Berkeley, California
California Solar Workers Cooperative
$250,000 for an Accelerate Employee Ownership conversion of solar installation company to a worker cooperative in Grass Valley, California
Oxbow Design Build Cooperative
$200,000 in financing to convert a design and build company to a worker cooperative in Easthampton, Massachusetts
Rockman et al Cooperative
$200,000 for employees to convert the evaluation and research consulting firm to a worker cooperative in San Francisco, California
Working Systems Cooperative
$200,000 of conversion financing and working capital line of credit for a software IT company serving labor unions in Olympia, Washington
3701 Grand Ave Associates Cooperative
$99,000 for capital improvements to 10 unit housing cooperative in Minneapolis, Minnesota
October is National Co-op Month
What a great National Co-op Month!
National Co-op Month is an opportunity to celebrate the many ways cooperatives create shared prosperity for their members and communities. We’re proud to be part of the movement and to be owned and run by our members. Special thanks to our board, pictured above, for their tireless work manifesting our success (click here for more information).
Because cooperatives are member-owned, their decision-making and operations all tie back to the communities they are a part of—offering a uniquely local approach to how we live, work, play, shop, grow and connect. To learn more about Co-op Month click here and to learn more about other cooperatives across the U.S. go to National Cooperative Business Association CLUSA.
Welcome Our New Loan Officer
Please join us in welcoming Samantha Bailey, our new loan officer. Samantha brings a balance of experience in community development finance and program management in a racial justice framework to Shared Capital Cooperative.
Prior to Shared Capital, Samantha worked in affordable housing and social services in Minnesota and California. She is committed to centering the real needs of people in any process, and looks forward to underwriting and financing creative, responsive loans for cooperatives of all types. She received her MBA-MPP from the University of Minnesota and BA from Wesleyan University.
Advocacy Alert: Supporting Co-op Lending
We proudly joined 90 organizations in supporting a statement by the National Cooperative Business Association CLUSA requesting a congressional hearing with the Small Business Administration. We want to realize Main Street Employment Act‘s goal of leveling the playing field for co-ops. We ask the SBA to support lending practices that support co-ops. To learn about this effort, click here.
Upcoming Event with Shared Capital
As part of our 40th Anniversary Celebration, we’ve been holding events throughout 2019. Please join us for this upcoming event:
In early September, Oscar Perry Abello of Next City published a piece about our partnership in Accelerate Employee Ownership. Check it out here.
The Valley Alliance of Worker Co-operatives’ cited their investment in us in their Infographic about their Interco-operative Development Fund. Read the piece in Grassroots Economic Organizing here.
As part of our 40th Anniversary Celebration, we’ve been holding events throughout 2019. Please join us for this upcoming event:
Infographic about their Interco-operative Development Fund. Read the piece in Grassroots Economic Organizing