WHAT'S NEW
A new flyer about how important it is to invest in cooperation by cooperatives is now available. To read more how your co-op can help other cooperatives click here.
You may now download the new annual report for 2007.To do so please click here.
On October 19th Cooperative Fund of New England gathered its friends, board of trustees, borrowers, investors, supporters, and advisors in Boston to launch the Cooperative Capital Fund.
To read more: CLICK HERE
Representatives of the Boston area cooperatives, including housing cooperatives, worker-owned businesses and food cooperatives spoke to the group providing testimonials on how CFNE had helped them and encouraging the creation of the Cooperative Capital Fund. Speakers included Harvest Markets Co-op General Manager Mike St. Clair, Red Sun Press worker-owner Jenny Silverman, and Boston Community Housing Co-op owner-resident Micha Joshphy.
The event was held at the home of the Episcopal City Mission, a 10 year investor in CFNE and the provider of a catalyst grant that enabled the creation of CCF.
Investors were represented by Randy Rice from Trillium Asset Management and Rob Everts from Equal Exchange announced their support. Cabot Creamery Cooperative provided cheese and financial support.
To read more: CLICK HERE
TO DOWNLOAD AN INVITATION CLICK HERE
The October 19th launch party event was a huge success
For the second year in a row the US Treasury Community Development Financial Institution (CDFI) Fund has made an award to the Cooperative Fund. This year's award will help capitalize and deploy the Cooperative Capital Fund (CCF) and provide technical assistance funds for CFNE's launch and marketing of the new patient capital, equity-like loan product called the Cooperative Capital Fund. For more information on CCF see www.coopcapital.coop.
The CDFI Fund invests in certified CDFIs that demonstrate they have the financial and managerial capacity to: 1) provide affordable and appropriate financial products and services that positively impact their communities; 2) be viable financial institutions; and 3) use and leverage CDFI Fund dollars effectively. Only 68 organizations nationwide received the $27 million allocated.
For more information on the award see www.cdfifund.gov.
The USDA recently approved CFNE for eligible status to originate Business and Industry Guarantee Loans USDA Rural Development in all of the New England states. Previously CFNE was approved in only Connecticut and after review by the USDA National Office, it was determined that CFNE has sufficient lending expertise, financial strength, and legal authority to operate a successful lending program. The approval is conditional upon CFNE receiving lender training from the USDA state office. Paricipation in the B&I Guaranteed Loan Porgram will allow CFNE to offer additional funding to cooperatives in New England that meet USDA requiremnts and it may help CFNE borrowers whose collateralization may need augmentation or a guarantee.
CFNE is the fortunate recipient of a $50,000 equity equivalent investment from the Monarch Communty Fund, a Calvert Foundation client. The funds are avaiable for long term and will allow CFNE to leverage additiona social investment loans as well as provide more flexible terms to its borrowers. It allows CFNE to strenthen its capital structure and as a result increase its lending and investing in economically disadvantaged communities.
A New loan was recently funded to the Belfast Food Cooperative in Belfast, Maine for its store renovations. To read more about Belfast Food Co-op click here.
Welcome to the newly redesigned website for the Cooperative Fund of New England's. The new site combines the design and html coding skills of Design Action Collective with the Ministry of Information CMS from Brattleboro Tech Collective. Many thanks to these two collective worker owned businesses for helping us.! To receive professional help with your website contact Dave Evans at Brattleboro Tech Collective or Inno Nagara at Design in Action.
The patient capital-equity fund is underway. The Cooperative Capital Fund has been incorporated. Bylaws have been written and the first meeting of the Board was held on June 7, 2007. It is the intent of the founders to include full representation of the cooperative and worker-ownership community. A business plan is almost complete and initial funding is underway. If you would like to support this exciting new venture with a tax deductible donation please contact Rebecca Dunn.
Pictured to the right are the participants of the first meeting of the Co-op Capital Fund Board. (l-r) Cory Greenberg, Adam Trott (from Collective Copies), Rebecca Dunn, Andy Danforth, Brenda Pfahnl, Erbin Crowell (for Equal Exchange), Bruce Boardman (for Brattleboro Food Co-op) and not pictured John Crystal (for Vermont Center for Employee Ownership) and Mary O'Hara.
