COOPERATIVES: ROOTED IN RESILIENCE 2019 ANNUAL REPORT
DEAR FELLOW OUR MISSION We work for economic, social, and racial justice by advancing community-based, cooperative, and democratically owned or managed enterprises with a preference for assisting cooperatives in low-income communities by: • providing financial products at reasonable rates • developing business skills • offering an investment opportunity that promotes socially conscious enterprise The Cooperative Fund of New England (CFNE) was founded in 1975 by co-op activists and social investors to provide financial and technical assistance to food cooperatives. Since then, the organization has expanded its focus, offering development loans and technical assistance to a wide range of cooperatives and nonprofit groups that share CFNE’s vision of equality, justice, and social responsibility. CFNE serves the New England region with staff located across the six states. Since its inception, CFNE has disbursed more than $65 million in over 1,000 loans to co-ops and community organizations without the loss of any investor funds. We have helped cooperatives, from those in an early “seedling” stage to those deeply rooted and mature, sustain themselves through difficult financial times. This demonstrates the resiliency of the cooperative model, so critically important today.
BOARD OF TRUSTEES Marilyn Scholl, President Bonnie Hudspeth, Vice-President Matt Feinstein, Clerk Andy Danforth, Treasurer Clark Arrington Duke Bouchard Susy Ellis Jonah Fertig-Burd Jon Reske Daniel Ross Lucas Turner-Owens 2
Cooperatives: Rooted in Resilience
The Board and staff meeting via Zoom, March 2020 FROM THE BOARD OF TRUSTEES
Perhaps the most important decision a board makes is the selection of the Executive Director. After a robust recruitment and screening process, last June the CFNE Board of Trustees selected Micha Josephy to be our ED. Micha has impressed the board with his ability to rise to whatever the occasion demands and to lead CFNE as we adapt and change. As you will see in this report, CFNE’s performance in 2019 continued our strong history of securing and supplying capital to cooperatives throughout New England. The Board is extremely grateful for our staff’s dedication and accomplishments in this transitional year. The board is in the midst of developing our next 3-year strategic plan. The global pandemic will present new challenges and some opportunities. We remain committed to working to advance racial, economic and social justice by supporting cooperatives of all types, and we are exploring new opportunities and new solutions to systemic societal problems. We send a big thank you to all our investors for your continued trust and confidence. Sincere thanks to the entire cooperative community for the work you do to build a sustainable economy based on equity and fairness.
Marilyn Scholl, President
Cooperative Fund of New England P.O Box 970, Watertown MA 02471 (800) 818-7833 / www.coopfund.coop cfne@coopfund.coop Printing by Red Sun Press in Boston, a worker cooperative • redsunpress.com
COOPERATORS FROM THE EXECUTIVE DIRECTOR
CFNE had a particularly strong and notable 2019. Rebecca Dunn’s retirement instigated our first executive transition in over three decades. We significantly expanded our technical assistance, lending, and administrative capacity, including promoting Dorian Gregory to Deputy Director, and hiring a new technical assistance provider (Carolyn Edsell-Vetter) and a new loan officer (Rebecca Fletcher). Amidst these changes, we remain committed to supporting community economic development through cooperatives. In 2019 we deployed over $7 million to 41 co-ops, mostly in low-income communities, and we expanded our capacity to advance racial equity. I want to thank CFNE’s amazing board, under Marilyn Scholl’s leadership, and our wonderful staff for their support during this transition year. It is clear that 2020 is going to be a totally different year, with new and significant challenges facing our communities, the region’s co-ops, and CFNE itself. While we can’t control everything, CFNE’s solid organizational foundation and our partnerships with investors, borrowers, and small business supporters position us well to support the co-op community to build a more just, democratic, equitable future for all. Thank you for all of your support, and onward!
Micha Josephy
44 YEARS $65,851,943 LOANED 1,048 LOANS $0 INVESTOR FUNDS LOST
Board and staff with host Jay Candelario and consultant Darnell Adams at a meeting in the fall of 2019
STAFF Micha Josephy Executive Director micha@coopfund.coop Dorian Gregory Deputy Director dorian@coopfund.coop Maggie Cohn Loan and Outreach Officer maggie@coopfund.coop Carolyn Edsell-Vetter Business Support Officer carolyn@coopfund.coop
Rebecca Fletcher Loan and Outreach Officer rfletcher@coopfund.coop Lane Fury Loan and Outreach Officer lane@coopfund.coop Deborah Hawkins Loan and Outreach Officer deborah@coopfund.coop Josie Shagwert Administrative Manager josie@coopfund.coop
WHAT IS A COOPERATIVE?
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A cooperative is an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly owned and democratically controlled enterprise. Cooperatives are based on the values of self-help, self-responsibility, democracy, equality, equity, and solidarity. They operate with the ethical values of openness, honesty, social responsibility, and caring for others.
Cooperative Fund of New England Annual Report
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SEEDLINGS worX Printing Cooperative
15,255 JOBS CREATED OR RETAINED
An employee owned company and part of the growing union co-op movement, worX provides an alternative to sweatshop made and printed textile products. A CFNE Launch Loan supported work on the co-op’s governance structure. worX is part of a movement to build a more inclusive and fair economy that recognizes the central role that working people play in creating wealth and successful business. These ideas resonate with regard to the garment industry where the exploitation of workers (and efforts by workers and unions to combat that exploitation) have dominated its history. worX is proud of its affiliation with the United Steelworkers union. https://worxprinting.coop/
Supporting New Cooperatives In 2019, CFNE expanded our support for new co-ops in two big ways. First, we hired a Cooperative Business Support Officer to focus on support for early-stage coop development. This has included both direct technical assistance to co-ops and the development of partnerships with other organizations. Second, we began accepting applications for our new Co-op Launch Loan product, created for co-ops started by people of color, immigrants, and others lacking early-stage financing. CFNE connects co-ops with the information and training they need in order to open and operate successfully. We do this work in collaboration with regional cooperative developers and industry experts. Partners include many co-op support organizations, small business development groups, and public agencies. We are particularly excited by two trends in co-op start-ups: the development of cleaning co-ops in largely immigrant communities across the region and significant progress among start-up food co-ops toward opening their doors, including those in Maynard and Dorchester, Massachusetts. You’ll hear more on these co-ops soon!
CFNE continues to support our co-op through financial training and access to programs that will benefit us in the long run, such as Columinate. North Country Food Co-op
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Cooperatives: Rooted in Resilience
Tanám Tanám is a Filipinx restaurant, under the Olio Catering Collective umbrella. Opened in 2019, Tanám is located in Bow Market in Somerville, Massachusetts, which houses thirty independent businesses in small spaces around a central courtyard. Tanám has already won several awards and consistently gets rave reviews. The co-op has featured shared dinners, served at a single table for ten; Tanám continues to evolve its vision in 2020 to continue making its awardwinning food available. Among other enhancements, plans are in the works for a patio area, supported by a CFNE loan, to expand seating in warm weather. https://tanam.co/
SETTING ROOTS River Valley Co-op River Valley opened in 2008 on the site of a former granite quarry, in a 15,000 square foot store. Featuring green construction, the store was the culmination of 11 years of intensive community organizing and a huge member loan campaign. It immediately began to experience double-digit growth year after year, and currently serves more than 11,300 owners and employs 165 people. When the co-op’s success began to strain the store’s capacity, expansion on site wasn’t possible with granite cliffs rising on three sides. A second store is now in the works, financed with New Market Tax Credit Investments, $5M raised from owners, and a working capital loan from CFNE. Construction is underway, and the new store is expected to open in the Spring of 2021. http://rivervalley.coop/
Franklin Square Homeowners Association This cooperative housing project, in Montpelier, Vermont, includes eighteen apartments. The City of Montpelier, in partnership with Downstreet Housing and Community Development (formerly Central Vermont Community Land Trust), developed it to create paths to homeownership for low-income Vermonters. The CFNE loan will finance building renovations and energy efficiency retrofits. https://www.montpelier-vt.org/240/Franklin-Square-Condominiums Maine Solar Coop dba Insource Renewables
CERO CERO has been “raising the bar for commercial composting, making it easier, cleaner, and more accessible than ever” since 2012. Built by a team rooted in Boston’s working class and communities of color, CERO’s mission is to improve members’ communities by bringing the “green economy” into their neighborhoods. As a worker-owned cooperative, all employees, from truck drivers to managers, have a deep, vested interest in the success of their clients. CFNE was an early lender and continues to support the co-op.
Insource Renewables was founded as a sole proprietorship, and by 2017 was a successful and well-recognized company in Maine. Beginning in 2016, founder Vaughan Woodruff worked with his employees to convert the company to worker-ownership. With an acquisition loan from CFNE, in 2019 Insource Renewables became Maine’s first solar cooperative, renamed Maine Solar Cooperative, creating three new jobs and retaining twelve. Insource Renewables has been recognized as a Best for the World company, in the top 10% of Certified B Corps in its treatment of workers. The co-op sees as its mission to “provide high-quality renewable energy solutions that support our communities, our workers, and our planet.” They minimize their own energy use, participate in global efforts to reduce carbon emissions, support rural economic development and engage in statewide efforts to develop an economy that supports equity and the climate. https://www.insourcerenewables.com/ CFNE helped us maintain a strong cash position in a year that saw heavy disruptions to global supply chains. Insource Renewables
http://www.cero.coop/ Cooperative Fund of New England Annual Report
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DEEPLY ROOTED Pioneer Valley Growers Association The Pioneer Valley Growers Association (PVGA) is a farmer-owned marketing cooperative in Whately, Massachusetts. Founded in 1978, PVGA aggregates locally grown produce and distributes it to Massachusetts food banks, major supermarket chains, independent grocers, and distributors across New England. PVGA provides market access to local farmers, increasing access to locally grown produce for area residents, while remaining an economically viable business. The cooperative has grown its membership from just 8 growers in 1978 to 26 member farmers and 30 to 40 nonmember farmer shippers. The co-op provides essential services to farmers, including marketing, invoicing, inventory management, delivery, and collections. A loan from CFNE helped build a new cooler. https://www.pvga.net/
Blue Hill Food Cooperative Blue Hill is a small town located on Blue Hill Bay in Downeast Maine, with a thriving artist’s community and numerous outdoor activities. Blue Hill Co-op started as a buying club in 1974. In 1979 it incorporated as a cooperative, moving in 1993 into a small storefront. The store expanded over time; by 2014 it had 1,500 members and was bursting at the seams. That year, the co-op bought land in a key location, better linking the co-op to local community development efforts. In 2016 they began planning and fundraising to build a new store. Helped by a loan from CFNE, a spacious new store opened in July, providing 34 full-time and 23 part-time jobs, and continues to flourish. https://bluehill.coop/ Milton Mobile Home Park Bert’s Motor Home Park opened near Burlington, Vermont, in the mid-1960s and grew into a 100 unit resident-owned manufactured home community. Residents began the move toward controlling their destiny in 2011. In February of 2012, as Milton Mobile Home Cooperative, with a loan from CFNE, residents purchased their community
RASCO Founded in 1963, Railroad Avenue Supply Co. converted to a worker cooperative in 2019. RASCO traces its origins to the purchase by Henry and Dorothy Beisler of an existing Western Auto Store in Stamford, New York, not far from Schenectady. It remained a family-run business until 2019, operated first by the Beislers and then by their son and his wife. In 1987, the store joined Ace Hardware, a purchasing cooperative. Throughout the years, the store has adjusted to the changing needs of its customers; in 1995, it expanded into the building next door, increasing the size of the store. Converting to worker ownership will keep the store open and maintain jobs. A CFNE working capital line of credit will help manage seasonal cash flow needs. http://rascoace.com/ 6
Cooperatives: Rooted in Resilience
This cooperative provides affordable housing for an established low income community in a county where affordable housing is in high demand. The co-op’s mission is “to provide land tenure and preservation of affordability to predominantly low and moderate-income homeowners…. [and] to educate its members in the Cooperative Principles so they can effectively contribute to the governing and growth of the Cooperative through member participation.” www.miltonmh.coop/the-milton-mobile-home-cooperative-story.html
6,899 AFFORDABLE HOUSING UNITS CREATED OR PRESERVED
CONFERENCES AND COLLABORATIONS In addition to our lending work, CFNE helps build the co-op development field in many ways, including by networking and sharing our expertise at local and national conferences. 2019 highlights inlcuded:
at which Carolyn Edsell-Vetter partnered with the Center for Economic Democracy, the Cooperative Development Institute (CDI), and Washington Area Community Investment Fund (WACIF) to present on “Building a Local Co-op Ecosystem.” The panel focused on state and city-level collaborations among community economic developers, capital providers, policymakers, and co-op developers to advance worker-ownership.
Participants at the Massachusetts Solidarity Economy Conference
March: CFNE joined groups from across Massachusetts at the Solidarity Economy Conference in Worcester, MA. Day 2 of the conference was dedicated to a Co-op Convening attended by over 100 people, focused on building a state-wide worker cooperative movement April: At the annual Principal 6 Conference, co-op supporters from across Maine gather to network, share experiences, and learn how to work together to grow Maine’s cooperative economy. Deborah Hawkins presented a workshop on basic business finance and moderated a panel entitled “In the Trenches: Raising Capital for Your Co-op” with Fare Share Co-op, Crown O’ Maine Organic Cooperative, Portland Food Coop, and Good Tern Co-op. CFNE has been a blessing to our organization and the low-income residents of the city of Holyoke, and has been a key partner to help community members eat well and have a Mobile Market to bring food to where there is no other access.
At Co-op Impact, from left to right: Carolyn Edsell-Vetter, Rob Brown (CDI), Jennifer Bryant (WACIF) and Amethyst Carey (CED)
October: At the annual Opportunity Finance Network (OFN) conference, Micha Josephy presented on “Employee Buyouts of Legacy Businesses: The Lending Opportunity of a Generation” with members of Democracy at Work Institute, WACIF, and the SBA. He also joined conference participants in discussing community development finance with more than 60 congressional offices during OFN’s Afternoon on Capitol Hill. October: At the Eastern Conference for Workplace Democracy, Lane Fury took part in a panel discussion on impact investing with the New Economy Coalition, as well as presenting on “Navigating the Funding Landscape” with representatives of Seed Commons/Detroit Community Wealth Fund, Capital Impact Partners and Community Wealth Builders.
Nuestras Raíces
June: Hosted by the National Co-op Business Association (NCBA), CCMA (Consumer Cooperative Management Association) convenes food coop leaders from across the country for shared learning. Maggie Cohn helped organize a panel with Columinate, the National Co-op Grocers, and Fund for a Democratic Community on the closing of two food coops at very different stages of development: Harvest Co-op in Boston, MA and Renaissance Food Co-op in Greensboro, NC. By analyzing these losses, panelists and others continue to help food co-ops thrive. October: During Co-op Month, NCBA held its Co-op Impact Conference
At ECWD, Lane Fury, center, with Alison Powers of Capital Impact Partners, right
Cooperative Fund of New England Annual Report
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LOANS AS OF DECEMBER 31, 2019 The struggle to maintain a co-op model that serves the community, local farmers and artisans as well as a downtown retail anchor is a very real challenge. CFNE really understands those challenges and has been incredibly helpful in our survival and forward progress. We couldn’t do it without them! Gardiner Food Co-op
WORKER AND OTHER CO-OPS A Yard and a Half Landscaping Co-op, Waltham, MA Artisan Beverage Co-op, Greenfield, MA Boston Tech Collective, Cambridge, MA Buffalo Street Books, Ithaca, NY Catamount Solar, Randolph, VT CERO, Dorchester, MA Collective Copies, Amherst, MA Cooperative Home Care Associates, Bronx, NY Crown O’ Maine Organic Cooperative, Vassalboro, ME Deep Root Organic Co-op, Johnson, VT Democracy Brewing, Boston, MA Earth Designs Cooperative, Rosendale, NY Energia, Holyoke, MA Equal Exchange, West Bridgewater, MA Ewing Controls, Greenfield, MA FEDCO Seeds, Clinton, ME Green Mountain Spinnery, Putney, VT Island Employee Cooperative, Stonington, ME Intervale Community Farm Co-op, Burlington, VT Isuken Cooperative, Lewiston, ME Maine Solar Coop (Insource Renewables), Pittsfield, ME Midcoast Fisherman’s Co-op, Port Clyde, ME New Frameworks, Burlington, VT New Roots Cooperative Farm, Lewiston, ME
Gardiner Food Co-op, Gardiner, ME FOOD CO-OPS Belfast Co-op, Belfast, ME Berkshire Co-op Market, Great Barrington, MA Blue Hill Co-op, Blue Hill, ME Brattleboro Food Co-op, Brattleboro, VT Chatham Real Food Market Co-op, Chatham, NY City Market, Burlington, VT Concord Food Co-op, Concord, NH Dorchester Food Co-op, Dorchester, MA Fare Share Co-op, Norway, ME Fiddleheads Food Co-op, New London, CT Gardiner Food Co-op, Gardiner, ME Good Tern Natural Food Store, Rockland, ME GreenStar Food Co-op, Ithaca, NY Hunger Mountain Co-op, Montpelier, VT Morrisville Food Co-op, Morrisville, VT North Country Food Co-op, Plattsburg, NY Plainfield Food Co-op, Plainfield, VT Portland Food Co-op, Portland, ME Putney Food Co-op, Putney, VT Quabbin Harvest Food Co-op, Orange, MA River Valley Co-op, Northampton, MA Rutland Area Food Co-op, Rutland, VT Springfield Food Co-op, Springfield, VT Upper Valley Food Co-op, White River Juncton, VT Urban Greens Co-op Market, Providence, RI Wolfeboro Food Co-op, Wolfeboro, NH We are deeply grateful for CFNE’s support and partnership throughout the years! It has been a key part of our growth and expansion to make an enduring impact on our local community. City Market
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Cooperatives: Rooted in Resilience
Larisa and Lane at Green Mountain Spinnery, Putney, VT
Nonotuck Community School, Florence, MA Olio Culinary Collective (TanĂĄm), Somerville, MA Pelham Auto, Belchertown, MA Pioneer Valley Photovoltaics, Greenfield, MA Railroad Avenue Supply Company, Stamford, NY Real Pickles, Greenfield, MA Red Sun Press, Jamaica Plain, MA Rock City Employee Cooperative, Rockland, ME Samara Collective, Boston, MA Toolbox for Education & Social Action, Northampton, MA The New School, Montpelier, VT TimberHomes, Montpelier, VT Warrenstreet Architects, Concord, NH Wellspring Harvest, Springfield, MA Wellspring Upholstery Cooperative, Springfield, MA WJW Co-op, South Paris, ME Woo Rides, Worcester, MA Woodbelly Pizza, Montpelier, VT worX Printing Cooperative, Worcester, MA
CFNE is always cooperative (!), communicative, and responsive to our needs. Fedco Seeds
Aurora Pocket Neighborhood Farming Artists, Blue Hill, ME Firehouse Cooperative, Worcester, MA Forest Glen Cooperative, Jamaica Plain, MA Franklin Square Homeowners Association, Montepelier, VT Homestead Acres Mobile Home Park, Swanton, VT Medomak Mobile Home Co-op, Waldoboro, ME Milton Mobile Home Park, Milton, VT PEACH, Providence, RI North Avenue Cooperative, Burlington, VT November Collective Cooperative, Cambridge, MA Park View Cooperative, Cambridge, MA Raise-Op Housing Cooperative, Lewiston, ME Spirit of 76, Medford, MA Triangle Cooperative, Brandon, VT Turnpike Park Cooperative, Westborough, MA Unitarian Universalist Community Co-ops, Roxbury, MA Windy Hollow Mobile Home Co-op, Castleton, VT NONPROFITS
Fedco Seeds Worker-Owner
Associates for Training and Development, St. Albans, VT Beacon Light/New Beginnings, Hartford, CT Cold Pond Community Land Trust, Acworth, NH Cultivating Community, Portland, ME Nuestras RaĂces, Holyoke, MA Stone Soup, Worcester, MA Wayfinders, Springfield, MA
HOUSING CO-OPS ANDCO, Highgate, VT Aurora Pocket Neighborhood, Ithaca, NY Boston Community Cooperatives, Dorchester, MA Charter Oaks Mobile Home Park, Arundel, ME Common Fire Foundation, Beacon, NY Evergreen Community Association, Warren, MA
CFNE is not just a lender. They help to build relationships and support their partners to ensure their success. Our organization would not be where we are today without the financial and technical support of CFNE. Raise-Op Housing Cooperative
Cooperative Fund of New England Annual Report
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CFNE PROGRESS REPORT Dollars Loaned 2019 Food Co-ops $ 1,788,308
Worker Co-ops $ 3,364,909
Housing Co-ops $ 1,402,428
Non-Profit $ 665,000
Loans Total Loans Outstanding 12/31/19...... $26,325,473
2019 Since Inception
Loans Made................................... 75..................1,048 Dollars Disbursed............. $7,617,941.......$65,851,934 Loan Loss....................................... $0................ 1.37% Loans Repaid.................... $4,287,245.............. 98.63% Average Loan...................... $101,573..............$62,836 Smallest Loan......................... $2,000...................$400 Largest Loan..................... $1,250,000.........$1,250,000 Jobs Created/Retained............. 2,217................15,255 Affordable Housing Units Created/Retained......................... 191..................6,899
Investments Total Investments Outstanding 12/31/19................................................... $21,558,755 New Investments received in 2019........... $1,197,181 Average Individual Investment....................... $42,683 Number of Individual Investors.............................. 301 Average Institutional investment.................. $115,970 Number of Institutional Investors............................ 73 Investor Dollars Lost since Inception....................... $0
Other Co-ops $ 397,296 Statement of Financial Position Assets Cash and Investments......................7,472,429 Grants Receivable...............................565,000 Loans Receivable...........................26,325,473 Loan Loss Reserve*....................... -1,591,758 Participation Loans........................ -1,234,510 Other Assets.......................................113,947 Total Assets....................................31,650,581 Liabilities and Net Assets Social Investment Loans................21,558,755 Total Liabilities...............................21,558,755 Net Assets.....................................10,091,826 Total Liabilities and Net Assets.....31,650,581 *
Dollars set aside as a resource against possible loan losses
Investors by Type 2019 Trusts 18%
Banks 3%
Co-ops 4% Faith-based 9%
Nonprofits 2%
Foundations 14% Individuals 42% Government 8%
10 Cooperatives: Rooted in Resilience
Statement of Activities Support and Revenue Loan Interest....................................1,302,100 Contributions and Grants....................947,116 Investment Income..............................167,645 Other Program Income..........................65,784 Unrealized Gains...................................66,142 Total Support and Revenue..............2,548,787 Expenses Personnel............................................620,422 Interest Paid to Investors....................449,769 Loan Loss Expense..............................830,785 Other Expenses...................................464,153 Total Expenses.................................2,365,129 Change in Net Assets.........................183,658
Borrowers by Type 2019 Other Co-ops 3% Housing Co-ops 21%
Food Co-ops 42%
Worker Co-ops 28%
Nonprofits 6%
CFNE INVESTORS & SUPPORTERS INCLUDE: 257 Prospect Park Co-op Adrian Dominican Sisters Balanced Rock Investment Advisors Boston Cooperative Investment Club Boston Impact Initiative Fund Cambridge Cooperative Club Catholic Health Initiative Center for Economic Democracy CERO Cooperative, Inc. Channel Foundation Chicago Community Foundation Chordata Capital / Natural Investments Columinate Congregation of the Passion Holy Cross Province Congregation of the Sisters of the Incarnate Cooperative Development Foundation Dance New England Dominican Sisters of Hope Dorchester Community Food Co-op First Congregational Church Amherst Frances Fund (Solidago) Francis Small Trust Fresh Pond Capital Gadfly Trust Gardiner Food Co-op
Good Tern Co-op, Inc. Handwork Hartford Catholic Worker, Inc. Hunger Mountain Food Co-op Kresge Foundation Land For Good Loring, Wolcott & Coolidge Lydia B. Stokes Foundation Maine Coast Heritage Trust Maine Community Foundation Maine Initiatives Mass. Growth Capital Corporation Massena Foundation Mercy Investment Services Middlebury Food Coop Mt. Holyoke College National Cooperative Bank/NCB Neighboring Food Co-op Association New England War Tax Resistance New England Yearly Meeting New Visions Investments, LLC Northstar Asset Management NYC People’s Life Fund Pedal People Cooperative Peoples United Bank
Portland Food Co-op Religious Communities Impact Fund Seeds of Solidarity Education Center Sinsinawa Dominican Sisters Sisters of Charity of Saint Elizabeth Slow Money Maine Small Business Administration Stakeholders Capital TD Bank Temenos Threshold Foundation Trans Justice Funding Project Trust Trillium Asset Management Twin Pines Cooperative Foundation Unitarian Universalist Congregation at Shelter Rock Urban Greens Co-op Market US Treasury CDFI Fund Valley Alliance of Worker Cooperatives Vermont Community Foundation Vermont Employee Ownership Center Vermont Solidarity Investment Club, LLC Wells Fargo Bank N.A. Whaleback Partners LLC Willimantic Food Coop
And hundreds of individuals*, including: Adam Roberts Adele Franks Amelie Ratliff Andrea Nash Annie Cheatham & Ann Gibson Antar & Andrea Knight Barbara Nolfi Bethann Amelia Weick Betsy Black & Catherine Menard Bonnie Hudspeth & Jaime Contois Carol Langstaff & James Rooney Casey Ratliff Chloe Arnow Claire H. McNeill Cody Donahue David Brandau David Crocker David Gowler David Strozzi David White Deborah Habib & Ricky Baruc Don Lubin Don Schramm & Barbara Nolfi Elaine Reily & Marilyn Stern Elias Gardner Elizabeth Martin
Ellen F. Golden Erbin Crowell & Kristin Howard Ezra Fradkin Girma Belay & Leslie Elyse Belay Gregory Sieczkiewicz Harrison Drinkwater Hendrick & Barbara Van den Berg Hilary Caws-Elwitt Hildegarde Hannum James E. Cummings James Rooney Jeanne Betts Bartlett Jen Silverman & Robert Follansbee Jennifer Schuberth Jerald P. Ross Joel Thibault Johanna R. Halbeisen Johanna Rosen John Abrams John Sniegocki Joseph Bradley Joseph Gainza Josh Knox & Brita Dempsey Judith Diamondstone Julie L. Barnes Karen Orso
Katherine Raisz Kimberly Jackson Lawrence Geller Lee & Byron Stookey Leo E. Immonen Liam Henrie Lisa Geiger Lisa Russell Lorraine Panciera Lucia Kahn Lynn Rosenbaum Marcia E. Higgins Margaret Hume Maria A. Weick Marli Rabinowitz Martha Siporin Mary Hoyer Mary Jo Martin Matt Burd Matt Cropp Micha Josephy & Kelly McCoy Michael Healy Micky McKinley Nadav David Nina Lev P. Fletcher Dean
Page Ruane & John McDonald Patrick Malone Paula Harrison Peri & Timothy McKenna Peter & Kathi Arnow Peter Zack, Jr. Richard F. Rosenburgh, Jr. Robert J. Weick Robert Johnston Robert Oldshue Ron Miller Sally Owen Sarah & James DeLuca Sarah Meredith Sawyer Stone Steven Fondiller Steven Morr-Wineman Susan Bain Susan Ellis Susan Labandibar Susan Olson Talia Arnow Thomas J. Abood Thomas J. Butler, III William & Sandra Flannery
*Our policy is not to list the names of individual investors unless they specifically agree to be listed. Please notify us if we have inadvertantly omitted your name.
Cooperative Fund of New England Annual Report
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e’ve grown over the years with your help -- and we still need your help to provide the capital to build the present and future cooperative economy.
ÆÆ When you make a social investment loan to CFNE, you’re helping build the cooperative future. ÆÆ When you donate to the Cooperative Fund, you help build our ability to support the cooperative ecosystem and attract more investment capital.
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ÆÆ When you take a loan from the Cooperative Fund of New England, you’re not just growing your own co-op; you’re helping ensure that financial resources are available for the next generation of cooperators.
CFNE Growth 1975-2019
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