Fund of New England CFNE News Financing since 1975 www.coopfund. Winter 2018

Our Mission Loans Approved and Funded We work for economic, social, and he Cooperative Fund had a record racial justice by advancing communi- breaking year in 2017. We lent out over $5 million in 62 loans to 36 bor- ty-based, cooperative, and democrat- T rowers and at year end we had almost $2 ically owned or managed enterprises million more in loans approved and awaiting with a preference to assisting cooper- funding. atives in low-income communities by: Since its inception, CFNE has now • providing financial products at disbursed over $50.3 million in 903 loans. reasonable rates Our early impact reporting for 2017 indicate • developing skills that CFNE loans to our borrowers helped • offering an investment opportuni- create or retaine 608 jobs and 195 units of ty that promotes socially con- affordable housing. Our loan portfolio scious enterprise now exceeds $19 million and our total assets are over $27 million! The diversity of our borrowers has grown. Urban Greens Food Co-op groundbreaking What Is a Cooperative? The majority of loans made in 2017 were to in Providence, RI A cooperative is an autonomous existing and conversion worker association of persons united cooperatives. In addition loans were made voluntarily to meet their common eco- to new and expanding food co-ops, manufactured and limited equity housing nomic, social, and cultural needs and co-ops, and community based nonprofits. aspirations through a jointly owned and CFNE is constantly working to develop democratically flexible financing products that help co-ops controlled enterprise. develop. Our application process has been streamlined and is available online. Our loan Values outreach officers offer a helping hand with Cooperatives are based on the technical assistance before and after values of self-help, self- responsibility, approval. democracy, equality, equity, and Here is the list of some of the borrowers . that received loan funds in late 2017: • A Yard and A Half, a worker-owned Principals landscaping co-op in Waltham, MA; FEDCO Seeds in Waterville, ME • Catamount Solar in Randolph, VT; Cooperatives embrace the principals of • CERO, the urban worker-owned recy- voluntary open , democratic cling cooperative in Dorchester, MA; owner control, owner economic partici- • Copies, an employee- pation, autonomy and independence, owned co-op in Amherst, MA; education, training and information, • Ewing Controls, an engineering cooperation among cooperatives, and worker co-op conversion in Green- concern for community. field, MA; • FEDCO, a seed and tree supplier co- op in Waterville, ME; • Gaia Host Collective, a provider of online hosting in Greenfield, MA; Visit us on line at • Green Mountain Spinnery, a worker www.coopfund.coop cooperative in Putney, VT; • Park View Housing Co-op, a limited to find links about our borrowers; equity co-op in Cambridge, MA; print out our loan application; • Red Sun Press, a worker cooperative Leah Fury at the Morrisville Food Co-op in download our prospectus; and to in Boston, MA; Morrisville, VT learn more about cooperatives. • WarrenStreet Architects, a worker cooperative in Concord, NH; CONTINUED ON PAGE 4 FROM THE EXECUTIVE DIRECTOR KEEPING YOU UP TO DATE People at CFNE We are so sorry to report that our outreach person Betsy Black has decided to retire from CFNE. She has made a positive differ- ence for our borrowers during her nine years on staff. She has helped tremendously to advance CFNE’s mission. Betsy’s knowl- edge of financial institutions (CDFIs), her representation of CFNE in her outreach work, and her val- ued board meeting input will all be truly missed. Betsy says, “It has been such a pleasure and privilege to do this work.”

Board News Betsy Black appy New Year! Time is flying by as We welcome new board member Camille Kerr, an attorney who Hevidenced by these growing ba- is the Associate Director of the ICA Group. She is a business de- bies. One long time investor recently veloper and consultant with expertise in ESOPs (Employee Stock wrote to me saying that she loves see- Ownership Plans), worker cooperatives, purchasing cooperatives, ing the grandkids in our reports, “it is a cooperatively governed LLCs and other structures that empower lift to my spirits as much as the good workers and communities. Camille has worked at the Democracy work going on with CFNE lenders and at Work Institute and the National Center for Employee Owner- ship. Camille brings expertise, many connections, and a national borrowers!!” Such kind words are always perspective to our board. She says, ” I’m excited to join CFNE’s appreciated. board to support the organization’s continued impact in the re- 2017 was an amazing year for the gion, especially as it explores innovative, scale-oriented coopera- Cooperative Fund and the cooperative tive initiatives that create dignified jobs for low-wage workers. “ economy in New England. As I have often said cooperatives come together At the CFNE annual meeting in October board officers were re- to meet an economic need. Co-ops are elected. Jon Reske continues as President, Marilyn Scholl as Vice Camille Kerr helping to address the inequalities with- President, Andy Danforth as Treasurer, and Bonnie Hudspeth as in our systems. The cooperative values Clerk. Our annual extra training-planning board meeting in and principles (listed on page 1) that we early December was held at former CFNE borrower Jamaica Plain . CE Pugh practice are all the more relevant in from National Co-op Grocers led a webinar on the nation’s state of food cooperatives. Es- teban Kelly, Executive Director of the US Fed- 2018. eration of Worker Cooperatives provided some Cooperatives are a tool for economic valuable information on the state of worker opportunity and equity. They provide cooperatives and facilitated a session on eq- connection to the economy and create uity. With Betsy Black’s help our board and community that is inclusive of all mem- staff completed CFNE’s next three year strate- bers. As a co-op lender CFNE is gic plan which follows our plan just complet- strengthening its position as a national ed in 2017. The new plan includes goals on co-op conversion finance leader. Many lending, capital raising, marketing, and staff of the loans made in 2017 were to work- development as well as deepening our racial er owned that hope to pro- and economic equity work. vide economic security in the work- place. Esteban Kelly from the USFWC spoke to The need for our work is ever greater Conference Attendance board members and staff at CFNE’s De- and it is only expected to grow. In 2017 cember strategic planning meeting held at Social investors placed over $3.5 million The year was packed with conferences for Jamaica Plain Cohousing with CFNE and we will use those funds worker cooperatives, food cooperatives, well in loans to cooperatives that create community lenders, and investors that were attended by CFNE personnel. We made and retain jobs and affordable housing presentations, helped organize, and sponsored and that provide a decent means of live- many diverse meetings and conferences way lihood in all communities. too numerous to name here. In the future As we move ahead together into look for us at the Up and Coming, NFCA, Slow 2018, the Fund’s 43rd year (and my 33rd) Money, NOFA, VEOC, New Economy, CDFI I truly thank all of you who support our Coalition, OFN, SBA, and Worker to Owners important work! conferences (to name a few from the alphabet soup). — Rebecca Dunn Dorian Gregory, Deborah Hawkins, and Micha Josephy at a recent conference

PAGE 2 • CFNE NEWS • WINTER 2018 BOARD OF TRUSTEES Jon Reske, President CFNE Progress Report Marilyn Scholl, Vice President Bonnie Hudspeth, Clerk INVESTMENTS as of 12/31/17 Andy Danforth, Treasurer Total investments outstanding 12/31/17 $18,538,710 Clark Arrington Duke Bouchard New investments received in 2017 $3,555,933 Rebecca Dunn Average individual investment $38,442 Lydia Edwards Number of individual investors 272 Susy Ellis Matthew Feinstein Average institutional investment $113,779 Jonah Fertig Number of institutional investors 70 Camille Kerr Investor dollars lost since inception 0 Daniel Ross

BOARD OF ADVISORS LOANS as of 12/31/17 Erbin Crowell Total loans outstanding 12/31/17 $19,313,234 Daniel Fireside Linda Gallagher 2017 Since Inception Cory Greenberg Loans made 62 903 Mary Hoyer Dollars disbursed $5,049,827 $50,375,501 D. Maurice Kreis Loan loss 0.61% 0.90% Glen Ohlund Phebe Quattrucci Loans repaid $3,191,444 99.1% Lionel Romain Average loan $81,449 $55,787 Tim WIngate Smallest loan $800 $400 Largest loan $528,000 $825,000 STAFF Rebecca Dunn Jobs created/retained 608 11,746 Executive Director Affordable housing units created/retained 195 5,849 [email protected] INVESTORS Maggie Cohn Southeastern New England Loan and Outreach Officer [email protected]

Leah Fury Northwestern New England Loan and Outreach Officer [email protected]

Dorian Gregory Southwestern New England Loan and Outreach Officer [email protected]

Deborah Hawkins Northeastern New England BORROWERS Loan and Outreach Officer [email protected]

Micha Josephy Program Manager [email protected]

Beverly Perry Office Assistant [email protected]

To be added to our mailing list, invest in, or borrow from CFNE, email: [email protected].

And, don’t forget to check us out on Facebook .

PAGE 3 • CFNE NEWS • WINTER 2018 Cooperative Fund NONPROFIT ORG The Cooperative Fund of New US POSTAGE PAID England (CFNE) was founded in of New England WILMINGTON, NC 1975 by co-op activists and social investors to provide financial assis- PERMIT # 11 tance to food cooperatives. Since Administrative office address: then, the organization has expand- 5533 Peden Point Road ed its focus, offering development loans and technical assistance to a Wilmington, NC 28409 wide range of co-ops and nonprofit groups that share CFNE’s vision of Electonic Return Service Requested equality, justice, and social respon- sibility.

As a “virtual” organization, CFNE Like us on serves the New England region Facebook through an administrative office in North Carolina and four outreach offices in New England.

Cooperative Fund of New England is a nonprofit community loan fund. CFNE provides loans and technical assistance to cooperatives and non- profit community-based organiza- tions. CFNE is a U.S. Treasury certi- fied Community Development Financial Institution (CDFI).

Loans Approved and Funded CONTINUED FROM PAGE 1 • Morrisville Food Co-op, in Morrisville, VT; Other borrowers that received loan • New Roots Cooperative Farm in Lewis- funds in 2017 include: ton, ME; • Nonotuck School, a parent cooperative in • BostonTech Collective, a worker co-op Florence, MA; computer tech company in Boston, MA; • North Avenue Housing Co-op, a manufac- • Boston Food Co-op dba Harvest Co- tured housing co-op in Burlington, VT; op Markets in Boston, MA; • Nuestras Raices, a community based nonprof- • Brattleboro Food Co-op in it in Holyoke, MA; Brattleboro, VT; • River Valley Co-op, a retail food store in • Canopy Housing Co-op, a project of Northampton, MA; Boston Community Cooperatives in • Sol Chariots, a pedi-cab worker co-op in Boston, MA; Providence, RI; Brian Peat, the new manager at Harvest • Crown O’Maine, a marketing/food dis- • Springfield ,a retail Co-op Markets in Cambridge, MA tribution co-op in North Vassalboro, ME; store in Rutland, VT; • Democracy Brewing, a start-up work- • Toolbox for Education and Social Action er-owned brewery in Boston, MA; (TESA), a worker cooperative in Holyoke, • Dollars and Sense; a collective pub- MA; lisher in Boston, MA; • Vermont Association for Training and • Fare Share Food Co-op in Norway, ME; Development, a nonprofit in St. Albans, • Firehouse Co-op, a housing co-op in VT; Worcester, MA; • Wolfeboro Food Co-op in Wolfeboro, VT; • Green Star Cooperative in and Ithaca, NY; • Woodbelly Pizza, a worker co-op in Mont- • Medomak Cooperative, a manufac- pelier, VT. tured housing co-op in Waldeboro, ME; • Midcoast Fishermans’ Co-op in Port For more information about each borrower, Clyde, ME; visit our website: www.coopfund.coop. Maggie Cohn visits with Park View Hous- ing Co-op members in Cambridge, MA

PAGE 4 • CFNE NEWS • WINTER 2018