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Coopertive Capital Fund is Launched
We’re proud to announce that CCF has reached its minimum level of investment and is still accepting applications from cooperatives needing funds.
“Moving to our new location was a huge leap of faith for everyone involved,” says co-general manger Scott Cooper, pictured above with co-general manager Maryanne Seredynski. “But thanks to the Coop Capital Fund’s investment, we’re excited about continuing to grow and serve our community better.”
The second CCF investment was made to the Barattleboro Food Cooperative to help with its store expansion program. For more information on the expansion see: www.brattleborofoodcoop.com .
A third investment in the Honest Weight Coop in Albany, NY, was also approved and is expected to fund in 2011.For more information on the coop see: www.hwfc.com
A fourth investment was approved for Elm City Market Coop in New Haven, CT, for start up costs and to finance member equity needs. For more information on the coop see: www.elmcitymarket.coop
To date the investments are made in conjuntion with loans from the Cooperative Fund to augment and support the debt. CCF’s goal is to complement CFNE’s current loan services by providing new capitalization options that perform like equity without changing a coop’s member-owned and controlled uniqueness. Call 800-818-7833 for more information.
At thispoint the first pool of funding is closed (12/31/09). Once all current funds are placed we will open up a separate "tranche" to increase the fund. At that point CCF will be seeking additional investments from individuals, social investors, foundations and coops that would like to be part of this innovative new tool for development. Minimum investment is just $1,000 and your coop or organization will be featured as an initial supporter in press announcements. Organizations already supporting CCF include Berkshire Coop Market, Cabot Creamery Coop, Equal Exchange, Hanover Food Coop, Hunger Mountain Food Coop, Middlebury Natural Foods Coop, City Market (Onion River Food Coop), South Mountain Company, Upper Valley Food Coop, and Willimantic Food Coop.
The Fall issue of the Federal Reserve Bank of Boston’s “Communities and Banking” has an article about eh Cooperative Fund and the Cooperative Capital Fund. There is brief mention in it for a few core borrowers and supporters as well: Deep Root Coop, Equal Exchange, Collective Copies, Cabot, Oak Street Housing Coop, etc. You can download a copy at: http://www.bos.frb.org/commdev/c&b/index.htm
CCF LAUNCH PARTY WAS A GREAT SUCCESS
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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.
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 Coop General Manager Mike St. Clair, Red Sun Press worker-owner Jenny Silverman, and
Boston Community Housing Coop 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.
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