Cooperative Fund · Cory Greenberg Glen Ohlund Phebe Quattrucci Marc Reich Don Schramm LJ Taylor...
Transcript of Cooperative Fund · Cory Greenberg Glen Ohlund Phebe Quattrucci Marc Reich Don Schramm LJ Taylor...
Cooperative Fundof New England
2015 Annual Report
years FInancing co-opS
CFNE advances community-based, cooperative, and democratically owned enterprises with preference to those that serve low income communities through:
✪ provision of prompt financial assistance at reasonable rates;
✪ provision of an investment opportunity that promotes socially responsible enterprise; and
✪ development of a regional reservoir of business skills with which to assist and advise the above groups.
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 co-ops and nonprofit groups that share CFNE’s vision of equality, justice, and social responsibility. A “virtual” organization, CFNE serves the New England region through an administrative office in North Carolina and four outreach offices in New England. In its 40 years of operation, CFNE has disbursed almost $42 million in over 800 loans to co-ops and community organizations without loss of any investor funds.
COOPERATIVE FUND OF NEW ENGLANDP.O. Box 3413 Amherst, MA 010041-800-818-7833
[email protected] • www.coopfund.coop
BOARD OF TRUSTEESJon Reske, PresidentLionel Romain, Vice PresidentMarilyn Scholl, Clerk Tim Wingate, TreasurerAndy Danforth Rebecca DunnSusy EllisMatthew FeinsteinDaniel FiresideRebekah HanlonMary HoyerBonnie HudspethDon KreisClaire MorduchDaniel RossBOARD OF ADVISORSErbin Crowell Linda GallagherCory GreenbergGlen OhlundPhebe Quattrucci Marc ReichDon SchrammLJ Taylor
STAFF Rebecca DunnExecutive [email protected] BlackNorthwestern New EnglandLoan and Outreach [email protected] CohnSoutheastern New England Loan and Outreach [email protected] GregorySouthwestern New EnglandLoan and Outreach [email protected] LaBrecqueNortheastern New England Loan and Outreach [email protected] JosephyProgram [email protected] PerryOffice [email protected]
Art and printing by Red Sun Press, a worker cooperative www.redsunpress.com Additional art: freevector.com
WHAT IS A COOPERATIVE?
DEFINITION 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. VALUES 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.
OUR MISSION
Dear Fellow Cooperators: As we celebrate our 40th anniver-sary, we continue to have a major impact on cooperatives through-out New England, approving over 50 loans representing more than $4 million dollars in 2015. We financed the start-up and expan-sion of food co-ops as well as the conversion of businesses to work-er ownership. In 1975 the Cooperative Fund of New England was formed to provide access to capital for food cooperatives that could provide access to healthy food in underserved communities. We are still doing that work today and have expanded our work to providing access to capital to many other types of cooperatives. Over the past 40 years we have lent approximately $42 million through 800 loans to all sorts of coopera-tives including worker owner co-ops, housing co-ops, farmer co-ops, distributor co-ops, schools, communi-ty based nonprofits and many more. All these co-ops have grown the cooperative economy by providing healthy food access; creating or retaining quality jobs; and providing safe, affordable housing within their communities. Yes, 2015 was indeed an awesome year for CFNE! In 2015 we were again recognized by the US Treasury CDFI Fund as a leader in its Healthy Food Finance Initiative with an award of $1.25 million from the HFFI program and another $1 million from its Financial Assistance program. In addition, we are the national leader in lending to worker cooperatives and conver-sions. In the spirit of the cooperative movement we continue to share our knowledge and expertise with other like-minded lenders nationwide.As part of our 40th anniversary we celebrated with our borrowers, investors, board members, staff, and friends at special receptions after each board meeting all over New England. Regional receptions were held in Hadley and Boston, Massachusetts, White River Junction, Vermont, and Damariscotta, Maine. It was wonderful to see so many of our stakeholders and
supporters coming out to join us in celebrating 40 years of lending to the cooperative community. So many folks mentioned to us how important our early support was to their success, and how they would have not made it without that support. We would also like to take this time to thank our investors big and small who believed in us from day one. We are proud of the fact that we have not lost a single penny of investor dollars since we
began this journey. It is their financial support that really allows us to do the good work we do. It takes an extraordinary team to stay true to our values and provide a level of service that really sets us apart from other lenders. We begin by honoring an outstanding professional staff that work tirelessly to meet the needs of our cooperatives. They support our mission and are a wonderful group to be the face of CFNE in the market.It is important to recognize and thank our volunteer Board of Directors. They represent many sectors of the cooperative community (worker-owners, food co-ops, and technical assistance providers to co-ops) and bring talent, skill, and expertise to the table. In addition to attending Board meetings throughout New England they serve on active committees. Their volunteer hours dedicated to moving the CFNE mis-sion forward are truly appreciated and valued.But most importantly we are forever grateful to all our borrowers who had the trust, confidence, and willing-ness to do business with us. You are the reason we exist, and the reason we can celebrate forty successful years of financing co-ops! In cooperation,
Jon Reske Rebecca DunnBoard President Executive Director
DEAR FELLOW COOPERATORS
CFNE • 40 Years of Financing Co-ops • 1
40 YEARS OF HISTORY
1975 CFNE founded: 1st loan $2,000 to Buffalo Mountain Food Co-op in Hardwick, VT
1979 Laddie Lushin becomes Executive Director
1980 CFNE receives 501 (C) 3 nonprofit status from the IRS
1982 CFNE lends to worker-owned co-ops & co-op schools
1984 CFNE starts lending to housing cooperatives & land trusts
1986 Rebecca Dunn becomes Executive Director. Assets: $162,000
1988 Fund lends to community based nonprofits
1996 CFNE becomes a US Treasury-certified CDFI
1994 Office moves to Wilmington, NC
1999 Total assets exceed $2 Million. Max. loan: $250,000
2000 25th anniversary CFNE provides Co-op 101 workshops
2007 Cooperative Capital Fund is created, providing patient, near equity capital
2010 35th anniversary Investments exceed $7.3 million More than 550 loans have been made
2011 CFNE received $1 million from SBA to lend to worker & producer co-ops
2013 Rebecca Dunn inducted into the Cooperative Hall of Fame
2015 CFNE has lent more than $42 million Assets stand at over $21 million Investments exceed $16 million No investor has lost a penny
2 • CFNE • 40 Years of Financing Co-ops
CELEBRATING CFNE
“Hope the next 40 years are as good as the last…”
Matt Cropp, investor and partner, Vermont Center for Employee Ownership
“I am going to show the video at our meeting as part of my report. You and the Cooperative Fund do such wonderful work. We are honored to be a part of it.”
Sr. Colleen Settles, Sinsinawa Dominican Sisters, CFNE
investors
Check out CFNE’s 40th Anniversary
video: http://tinyurl.com/z3z33pn
“As always, we are very impressed with the continuing progress and success of the fund. Keep it up!”
Carol and James Rooney, CFNE investors
Toolbox for Education and Social Action
Gaia Host Collective
CFNE staff
Catamount Solar
CFNE • 40 Years of Financing Co-ops • 3
“Congratulations on your efforts to build a sustainable organization that supports co-ops in New England, and beyond.”
Bruce Seifer
In 1975, the Cooperative Fund of New England made a strategic commitment to New England’s cooperatives and access to healthy food. Forty years later this legacy contin-ues by providing financing to start-up, new, and seasoned food co-ops; distributors; farmer co-ops; and nonprofits while connecting low-income consumers to healthy food sources. We created and co-lead the Healthy Food Access Initiative partnership with the Neighboring Food Co-op Association and Hunger Free Vermont. In the past forty years we’ve seen local ownership of food co-ops strengthen local food systems while trying to keep pace with the needs of low-income households. CFNE has played a leadership role in financing more than 90% of the food co-ops in New England and providing more than $25 million in this sec-tor of cooperatives alone from start-ups to expansions. We were an early innovator in the healthy food finance sector, and continue to innovate.
LOCAL FOOD SYSTEMS & HEALTHY FOOD ACCESS
Intervale Community Farm Co-op
Brattleboro Food Co-op
Cultivating Community
“We are happy to contribute to such an important fund. Thank you for keeping it going.”
Alice Rubin, Willimantic Food Co-op
4 • CFNE • 40 Years of Financing Co-ops
“It was a good year thanks to many key equipment purchases made possible by CFNE.”
North Country Food Co-op
“Many thanks for giving me a tour of the Portland Food Co-op yesterday. I especially appreciated hearing about how you and your colleagues raised the needed resources and CFNE’s role in making it happen. A great model for others. Congratulations on the CDFI awards. It is well-deserved recognition for all that CFNE is doing.”
Sarah B. Smith, Mercy Partnership FundWorcester Roots
Urban Oaks
GreenStar Cooperative
Crown O’Maine Organic Cooperative
Real Pickles
CFNE • 40 Years of Financing Co-ops • 5
The last forty years has seen several ups and downs in the US economy and jobs fluctuating accordingly. Cooperatives, in general, create and retain jobs in local communities. Worker cooperatives are emerging as a stabilizing fac-tor for jobs as people seek not only rewarding work but also autonomy in their employment. As a forerunner CFNE started lending to work-er cooperatives in 1982. We are now seen as a national expert and lead the way in financing worker cooperative conversions. Such borrow-ers include Vermont Computing Co-op (VT) and Artisan Beverage Co-op (MA). With the ex-pansion of food co-ops, producer co-ops and worker co-ops over 40 years, CFNE’s financing has led to the creation/retention of more than 10,000 jobs in the region.
JOB CREATION
“All of us at CERO Cooperative are grateful to all of you - our community - for your overwhelming support. You invested with your believing hearts and hard earned dollars and made it possible to move our venture forward. We look forward to joining with you as together we chart our way toward a just and sustainable future.”
Lor Holmes, CERO Cooperative
“We literally wouldn’t be in business if it weren’t for CFNE. They helped us secure the funding we needed to get our tech support co-op off the ground. Fast forward over two years and we’ve grown enough to bring in one new owner, with another on the way!”
Charlie Hoover, worker-owner, Boston TechCollective
Boston TechCollective
Sol Chariots Pedicab Cooperative
CERO Cooperative
6 • CFNE • 40 Years of Financing Co-ops
WORKER CO-OPS
“Thanks so much for your support in our direction, financial and otherwise, and for having a strong commitment to workers’ cooperatives.”
Green Mountain Spinnery
“Not only did CFNE provide financial resources for our equipment but the consultation and know-how from experienced people was a huge help to us.”
Ash Trull, worker-owner, Sol Chariots Pedicab Cooperative
“Equal Exchange would never have grown to where it is today if CFNE hadn’t been there at the time it needed financing.”
LJ Taylor, Board Chair, Equal Exchange
Green Mountain Spinnery
Equal ExchangeThe New School
A Yard and A Half
CFNE • 40 Years of Financing Co-ops • 7
CFNE began in 1984 lending to all forms of cooperative housing and land trusts. Access to affordable housing remains a critical need in the region we serve and we are proud of our work in supporting housing. Loans made to housing coop-eratives, manufactured housing coop-eratives, and co-housing groups; land trusts; and housing-oriented, commu-nity-based nonprofits have resulted in the creation of more than 5600 units of affordable housing.
HOUSING AND NONPROFITS
“Stone Soup benefited greatly from CFNE both financially and with people power which enabled us to create the Co-op Academy.”
Dee Wells, member of the Stone Soup Community
“If we hadn’t gotten the loan from CFNE we wouldn’t have been able to build JP Co-Housing.”
Diane Simpson, Co-Founder of JP Co-Housing
Margaret Mosely Housing Co-op
Raise-Op Housing Co-op.
HAP Housing8 • CFNE • 40 Years of Financing Co-ops
NETWORKS AND TECHNICAL ASSISTANCE
A core principle of the co-op movement is “co-operation among co-ops” which recognizes that “cooperatives serve their members most effec-tively and strengthen the cooperative movement by working together through local, national, regional, and international structures.” CFNE works closely with co-ops, cooperative associa-tions, and community development organiza-tions building community and sharing ideas and resources across sectors.Partnerships with Massachusetts Growth Capital Corporation (MA) and the Broad Reach Fund (ME), for example, have awarded grant dollars that support technical assistance to small co-ops. Our work was cited by Democracy at Work Institute in two important publications: Suc-cessful Cooperative Ownership Transitions and The Lending Opportunity of a Generation: FAQ’s and Case Studies for Investing in Worker Co-op Conversions. We bring the idea of cooperation to all those with whom we network.
“It is building relationships between young people and important allies like CFNE that create a strong and shared inter-generational movement. Thank you for your years of dedication to this work and your support of #coopyouth!”
USA Cooperative Youth Council
“Thanks for being part of this huge beautiful web.”
The Slow Money Maine Team
Portland Food Co-op
Betsy at Northeast Organic Farming Association meeting
Micha at National Community Reinvestment Coalition conference
CFNE • 40 Years of Financing Co-ops • 9
FOOD CO-OPS
Berkshire Co-op Market; Great Barrington, Massachusetts*Boston Food Cooperative d/b/a Harvest Food Co-op; Boston, Massachusetts*Brattleboro Food Co-op; Brattleboro, Vermont*Chatham Real Food Market Co-op; Chatham, New York*Concord Food Co-op; Concord, New Hampshire*Fare Share Food Cooperative; Norway, Maine*Fertile Underground; Providence, Rhode Island*Fiddleheads Food Cooperative; New London, Connecticut*Gardiner Food Co-op & Cafe; Gardiner, Maine*Good Tern Co-op; Rockland, Maine*GreenStar Natural Food Market; Ithaca, New York*Hanover Consumer Cooperative Society; Hanover, New Hampshire*
Honest Weight Food Co-op; Albany, New York*Hunger Mountain Co-op; Montpelier, Vermont*Littleton Food Co-op; Littleton, New Hampshire*North Country Food Co-op; Plattsburg, New York*Onion River Co-op d/b/a City Market; Burlington, Vermont*Portland Food Co-op; Portland, Maine*Putney Food Co-op; Putney, Vermont*Quabbin Harvest Food Cooperative; Orange, Massachusetts*Rising Tide Food Co-op; Damariscotta, Maine*River Valley Co-op; Northampton, Massachusetts*Rutland Food Co-op; Rutland, Vermont*South County (formerly Alternative) Food Co-op; Wakefield, Rhode Island*Springfield Food Co-op; Springfield, Vermont*
WORKER CO-OPS
A Yard and A Half; Waltham, MassachusettsArtisan Beverage Cooperative; Greenfield, Massachusetts*Boston TechCollective; Somerville, MassachusettsBrattleboro Holistic Health Center; Brattleboro, VermontCatamount Solar; Randolph, VermontCollective Copies; Amherst, MassachusettsCooperative Energy, Recycling & Organics (CERO); Dorchester, MassachusettsCrown O’Maine Organic Cooperative; North Vassalboro, Maine*Energia, LLC; Holyoke, MassachusettsEqual Exchange; West Bridgewater, Massachusetts*FEDCO Seeds; Waterville, Maine*GAIA Host Collective; Greenfield, MassachusettsGreen Mountain Spinnery; Putney, VermonthOurworld; Portland, MaineIsland Employee Cooperative; Stonington, MaineLocal Sprouts Cooperative; Portland, Maine*Midcoast Fishermen’s Co-op; Port Clyde, Maine*
LOANS AS OF DECEMBER 31, 2015
The majority of loans funded by the Cooperative Capital Fund (CCF) have already been repaid. We can certainly consider CCF a successful experiment in providing long term, patient, unsecured capital to co-ops. All repayments are expected by 2017.
The development of CFNE’s new internal collateral pool will serve a similar function. CFNE will provide lesser and unsecured loans for co-ops as a capitalization option that performs like equity without changing a co-op’s member-owned and member-controlled integrity.
COOPERATIVE
CAPITAL Fund of New England
10 • CFNE • 40 Years of Financing Co-ops
LOANS AS OF DECEMBER 31, 2015
Pelham Auto Co-op; Belchertown, MassachusettsReal Pickles; Greenfield, Massachusetts*Red Sun Press; Jamaica Plain, MassachusettsSimple Diaper and Linen; Holyoke, MassachusettsSol Chariots Pedicab Cooperative; Providence, Rhode IslandThe New School; Montpelier, VermontToolbox for Education and Social Action (TESA); Holyoke, MassachusettsVermont Computing; Randolph, VermontWarrenstreet Architect; Concord, New HampshireWellspring Upholstery Cooperative; Springfield, Massachusetts
HOUSING CO-OPS
ANDCO Mobile Home Cooperative; Swanton, VermontAurora Pocket Neighborhood Cooperative; Ithaca, New YorkBoston Community Cooperative; Boston, MassachusettsBrown Association for Cooperative Housing (BACH); Providence, Rhode IslandCommon Fire Foundation; Tivoli, New YorkEvergreen Manufactured Housing Cooperative; Warren, MassachusettsFlynn Avenue Housing Cooperative; Burlington, VermontForest Glen Housing Cooperative; Jamaica Plain, Massachusetts Homestead Manufactured Housing Cooperative; St. Albans, VermontLucy Stone Housing Cooperative; Boston, MassachusettsMargaret Moseley Cooperative; Roxbury, MassachusettsNovember Collective Cooperative; Cambridge, MassachusettsPioneer Cooperative of Franklin County; Greenfield, MassachusettsQuabbin Sunrise Cooperative; Ware, MassachusettsRaise-Op (formerly Faire Bande a Part) Housing Cooperative; Lewiston, MaineSpirit of 76 Realty Trust; Medford, MassachusettsTurnpike Park Cooperative; Westborough, Massachusetts
Wamsutta Manufactured Housing Cooperative; North Attleboro, Massachusetts
NONPROFITS, LAND TRUSTS, DISTRIBUTOR AND FARMER CO-OPS
Associated Grocers of New England; Pembroke, New Hampshire*Beacon Light Alternative Services; Hartford, ConnecticutCold Pond Community Land Trust; Acworth, New HampshireCrop Circle Kitchen; Boston, Massachusetts*Cultivating Community; Portland. Maine*Deep Root Farmers Co-op; Johnson, Vermont*Dollars and Sense; Boston, MassachusettsFrancis Small Heritage Trust; Limerick, MaineHampden Hampshire Housing Partnership (HAP Housing); Springfield, MassachusettsHartbeat Ensemble; Hartford, ConnecticutIntervale Community Farm Cooperative; Burlington, Vermont*Philmont Beautification, Inc.; Philmont, New York*Stone Soup; Worcester, MassachusettsUrban Oaks; New Britain, Connecticut*Worcester Roots Project; Worchester, Massachusetts
OTHER LOANS PENDING AND/OR RECENTLY REPAID:
Dedham Artists Guild; Dedham, MassachusettsFranklin County/DIAL SELF; Greenfield, MassachusettsOperation Hope; Fairfield, ConnecticutPlainfield Food Cooperative; Plainfield, Vermont*Sawyer Hill Cohousing; Berlin, MassachusettsStone Valley Community Market; Poultney, Vermont**Local healthy food system related
CFNE • 40 Years of Financing Co-ops • 11
CFNE PROGRESS REPORT
CFNE Investors By Type: Year End 2015
CFNE Borrowers By Type: Year End 2015
INVESTMENTS
Total investments outstanding at 12/31/15...............................................$14,831,627
New investments received in 2015 ......... $2,191,552Average individual investment ..................... $30,366Number of individual investors ............................ 250Average institutional investment ................. $96,634Number of institutional investors .......................... 74Investor dollars lost since inception ........................ 0
LOANS
Total loans outstanding 12/31/15 ........ $16,805,193
2015 Since InceptionLoans made ..............................56 ......................... 783Dollars disbursed .......$4,144,023 ........... $41,562,556Loan loss ................................ 0% .......................0.8%Loans repaid ...............$2,905,283 .....................99.2%Average loan ...................$76,729 .................. $53,148Smallest loan ....................$1,000 ....................... $400Largest loan...................$525,000 ................ $825,000Jobs created/retained............736 .................... 10,650Affordable housing units created/retained ....................170 ...................... 5,629
Other Co-ops6%
Land Trusts1%
ManufacturedHousing Co-ops
5%
Worker Co-ops20%
Food Co-ops43%
Housing Co-ops16%
Nonprofits9%
Banks4%
Co-ops8%
Foundations10%
Individuals 42%
Nonprofits2%
Faith-based12%
Trusts9%
Government13%
STATEMENT OF FINANCIAL POSITION
as of December 31, 2015 Consolidated CFNE and CCF
AssetsCash and Investments .................$4,848,874Loans Receivable. .....................$16,805,193Loan Loss Reserve*......................($571,191)Other Assets.....................................$16,707Total Assets ...............................$21,099,583
Liabilities and Net AssetsSocial Investment Loans ...........$14,998,491Other Liabilities ..................................$9,189Total Liabilities ..........................$15,007,680Net Assets...................................$6,091,903Total Liabilities & Net Assets ...$21,099,583* dollars set aside as a resource againstpossible loan losses
STATEMENT OF ACTIVITIES
year ended December 31, 2015Consolidated CFNE and CCF
Support and RevenueLoan Interest ..................................$864,157Contributions and Grants ...............$350,569Investment Income ...........................$44,469Other Program Income .....................$36,751Total Support and Revenue .........$1,295,946
ExpensesPersonnel........................................$484,782Interest Paid to Investors ...............$312,508Loan Loss Expense* .........................$60,472Other Expenses ..............................$423,145Total Expenses ............................$1,280,907Change in Net Assets ......................$15,039
12 • CFNE • 40 Years of Financing Co-ops
Adrian Dominican SistersBank of AmericaBerkshire Co-op MarketBoston Impact InitiativeBrattleboro Food Co-opBroad Reach FoundationCabot Creamery CooperativeCapital Impact PartnersCatholic Health InitiativeCDS Consulting Co-opCharles Earney & CompanyChristina Callan Charitable TrustCERO CooperativeChannel FoundationCircinus Financial CorporationCommon Good FinanceCommunities at Work FundCommunity Builders CooperativeCommunity Foundation of Western MassachusettsCooperative Development FoundationCooperative MaineDance New EnglandDominican Sisters of HopeDominican Sisters of SpringfieldEastern Bank Charitable Foundation Equal ExchangeFEDCO Seeds, Inc.Federal Street AdvisorsFinancial Northeastern CompaniesFirst Congregational Church of AmherstFrances Fund FoundationFrances Small Heritage TrustFresh Pond CapitalGadfly TrustGardiner Food CooperativeHandwork, Inc.Hanover Consumer Cooperative SocietyHaymarket Peoples FundHoward Bowers FundHunger Mountain Food Co-opKaruna TrustLoring, Wolcott & CoolidgeLydia B. Stokes Foundation
Massachusetts Growth Capital CorporationMercy Partnership Loan FundMiddlebury Natural Foods Co-opMidwest Minnesota Community Development CorporationMission Hill Health MovementMission Hill Investment ClubMonarch Community FundMount Holyoke CollegeNCB (National Cooperative Bank)Neighboring Food Co-op AssociationNewAlliance FoundationNew England War Tax ResistanceNew England Yearly Meeting of FriendsNew Visions FoundationNew York City People’s Life FundNewman’s Own FoundationNorthStar Asset ManagementOberlin Student Cooperative AssociationOnion River Co-op d/b/a City MarketOpportunity Finance NetworkPedal PeoplePeople’s United BankPeople’s United Community FoundationPortland Food CooperativeProspect Place ApartmentPutney Food CooperativeRhode Island FoundationRobert L. Feinberg FundRockett TrustRose Family TrustSacramento Food CooperativeSeton Enablement FundSeymour and Sylvia Rothchild Family FoundationSinsinawa Dominican SistersSisters of Charity of the Incarnate WordSisters of Charity of St. ElizabethSisters of St. Francis of PhiladelphiaSlow Money MaineSolidago FoundationSouth Mountain Company
FoundationSouth Royalton Food Cooperative, Inc.TD Bank Charitable FoundationThe Cooperative FoundationThreshold FoundationTrillium Asset ManagementTroll Investment Management TrustTwin Pines Cooperative FoundationUnitarian Universalist Congregation of HaverhillUnitarian Universalist Congregation at Shelter RockUpper Valley Food Co-opUS Department of Treasury, CDFI FundUS Small Business AdministrationValley Alliance of Worker CooperativesVermont Center for Employee OwnershipVermont Community FoundationWhaleback PartnersWillimantic Food Co-opWoodlands Investment Management
and more than 200 individuals, including:*Thomas AboodSusan BainBetsy BlackDavid BrandauHillary Caws-ElwottAnnie CheathamJaime ContoisErbin CrowellValerie DahlBrita DempseyJudith DiamondstoneCody N. DonahueRichard DoxseyHarrison DrinkwaterRebecca DunnSusan EllisRobert FollansbeeSteven FondillerJoseph GainzaLawrence H. GellerAnn GibsonEllen GoldenJohanna HalbeisenHildegarde and Hunter Hannum
Paula HarrisonNancy HazardMarcia HigginsKristin HowardMary HoyerLeo ImmonenMicha JosephyAntar and Andrea S. KnightJoshua KnoxCarol LangstaffNina L. LevJoshua LipkowitzPatrick MaloneMary Jo MartinAllan MatthewsDorothy McCaggKelly McCoyMicky McKinleyCatherine MenardRonald MillerAndrea NashKyla NeilanBarbara NolfiGlen OhlundSusan OlsonKaren OrsoSally OwenLorraine and Harold PancieraMarli RabinowitzAmelie RatliffAdam RobertsLionel RomainJames RooneyJerald RossJennifer SchuberthMarilyn SchollDon SchrammJen SilvermanJohn SniegockiLee and Byron StookeyDavid StrozziDavid F. WhitePeter Zack
*Please note that our policy is not to list the names of our individual investors unless they specifically agree to it. Please notify us if we have inadvertently omitted your name.
CFNE INVESTORS AND SUPPORTERS INCLUDE...
“Blessings in all the good work that you do for this worthy economic model.”
Marta Santiago, CFNE Investor
CFNE • 40 Years of Financing Co-ops • 13
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We’ve grown over the years with your help and we still need your help to build the cooperative economy. Join our investors and borrowers!When you take a loan from the Cooperative Fund of New England, you’re not just growing your own co-op. You’re helping to ensure that financial resources are available for the next generation of cooperators.
When you
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40 YEARS FINANCING CO-OPS
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COOPERATIVE FUND of New England
Administrative office: 5533 Peden Point Rd. Wilmington, NC 28409
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