October 2020 Newsletter

CDFI and Olamina Fund Awards
Recent Loans
It’s National Co-op Month
New Members
ICYMI: Annual Report, Board Election and Annual Member Meeting 
Upcoming Events
CDFI Award and Olamina Fund Investment

Shared Capital received a $1.57 million grant award announced last week by the  U.S. Department of the Treasury’s CDFI Fund. The CDFI Fund awarded $520,000 through the Financial Assistance (FA) award to support our cooperative lending and an additional $1,050,000 from the CDFI Fund’s Healthy Food Financing Initiative (HFFI) to support our work with cooperatives to ensure healthy foods access in communities. To find out more, see the CDFI Fund 2020 funding announcement
Shared Capital received a $1.5 million investment from the Olamina Fund, a part of the Candide Group. Olamina Fund is committed to addressing the historic lack of access to capital in Black & Native communities, who have faced decades of disinvestment and intentional extraction. The fund is focused on financing organizations that are led by and for community members. We are grateful for the investment.

Recent Loans

Here are the latest loans, including some COVID Emergency Loans:

Capital Homecare Cooperative
Olympia, Washington
$7,000 COVID emergency loan to worker-owned homecare cooperative

Community Co+op Market
Tallahassee, Florida
$600,000 for equipment and leasehold improvements to preserve and restructure a community-based cooperative grocery

Federation of Southern Cooperatives
Epes, Alabama
$500,000 in an additional line of credit to association of black farmers, landowners, and cooperatives

Happy Earth Cleaning Cooperative
Minneapolis, Minnesota
$25,000 COVID emergency loan to support a recently converted eco-friendly residential cleaning company

Hasta Muerte Coffee Cooperative
Oakland, California
$10,000 COVID emergency loan to worker-owned coffee shop

Park Cooperative Apartments
Minneapolis, Minnesota
$50,000 for rehab and improvements in 13-unit affordable housing cooperative

Snow River Cooperative
Crandon, Wisconsin
$650,000 to finance employee purchase of unionized, specialty wood manufacturing businessIn response to COVID, we offered members the options for payment deferrals and emergency loans.

Sixty percent of our member borrowers took the opportunity to defer payments for 60-90 days due to COVID. 

It’s Co-op Month!
 National Co-op Month is an opportunity for all co-ops across the country to focus on the many ways cooperatives create shared prosperity for their members and communities. 

This year’s theme is “Co-ops: By the Community, For the Community” and is organized by the National Cooperative Business Association CLUSA. Co-op Month lifts up the communities at the heart of America’s more than 65,000 cooperative establishments. Click here for resources.Join us in running the Co-op 5K!

The Co-op 5k puts the fun in fundraiser for the Cooperative Development Foundation. Monies raised through the event support cooperative development nationwide. Our co-op’s staff are running and we hope you do, too! You can also donate here.

New Members

Pachamama Coffee Cooperative of Sacramento, California
Capital Homecare Cooperative of Olympia, Washington

And five individual members

Have questions on membership? Contact adam@sharedcapital.coop.
ICYMI: Annual Report, Board Election and Annual Member Meeting

Have you seen our latest Annual Report? We marked 2019, our 40th Anniversary, with more lending, more events and more opportunities for members to tell their stories. 

Please join us in welcoming Camille Kerr and Terence Courtney as our new board members. Congrats, too, to Holly Jo Sparks and Repa Mekha who were re-elected. You can find out more about our board members.

Did you miss our Annual Member Meeting? You can view the recording here and the slideshow here. Thanks to our members, sponsors and attendees for making a great meeting. Thank you to the National Cooperative Business Association for their partnership in putting on the event this year.

Upcoming Events

October 5-9: National Cooperative Business Association Co-op IMPACT Conference: The Co-op IMPACT Conference is the only national, cross-sector event. You can register here

October 5 and 6:  Saint Mary’s University International Centre for Co-operative Management 2 Day Executive Education Course. This course on Co-op Management and Governance is part of Co-op IMPACT, and you can register here.

November 5 and 6: NASCO Institute 2020 
NASCO Cooperative Education & Training Institute is widely recognized as one of the most important training and networking opportunities available to cooperative members, directors, staff, and managers.