March 2021 Newsletter

(Virtual) Office Hours: 
Weekly Starting March 5th

35 Crown Street HDFC (Brooklyn, NY), ChiFresh (Chicago, IL), The Drivers Cooperative (New York, NY), Madison Worker Cooperatives (Madison, WI),  Northwest Pennsylvania Investment Cooperative (Meadville, PA), Quilt Shop Co-op
(Minneapolis, MN), Unity Co-op of Central Texas (Florence, TX), The Waters Bathing Collective, LLC (Emeryville, CA) and 11 individual members.

Here are our latest loans:

35 Crown Street HDFC
Brooklyn, New York
$425,000 to finance a housing cooperative

ChiFresh 
Chicago, Illinois
$350,000 to a food service worker co-op to buy a building

Cityview Housing Cooperative
Minneapolis, Minnesota
$675,000 for renovations to a 31-unit housing cooperative

Cooperative Energy Futures
Minneapolis, Minnesota
$100,000 for construction of a community solar garden

The Drivers Cooperative
New York, New York
$100,000 to a start-up ride-share worker co-op

Quilt Shop Co-op
Minneapolis, Minnesota
$50,000 to relaunch a quilt shop as a consumer cooperative

Union Cab of Madison Cooperative
Madison, Wisconsin
$100,000 to support a worker cooperative taxi company

What a challenging year 2020 was for everyone! We responded by rallying more resources to support our cooperative members and deepening our commitment to fighting racism and building racial equity through our work. In 2020, we:

• Grew the fund by 16% to $17.6 million in assets
• Lent $4,256,000 to 20 co-ops
• Invested 82% of our lending went to cooperatives by and for people of color, women and low-income people, including 43% in BIPOC owned co-ops
• Received $1,550,000 from the CDFI Fund of the US Department of Treasury, including $1 million from the CDFI Healthy Food Financing Initiative
• Raised over $3.25 million in new investments from co-ops, impact investors and foundations

Want to hear more? Join us for our Annual General Membership Meeting on April 29^th and get a full update.

We’re Hiring!

Shared Capital Cooperative is currently hiring for a Director of Lending and a Director of Finance and Operations. Both positions are full-time and offer competitive salaries and generous benefits packages. The positions are part of the senior management team and report directly to the Executive Director.

• The Director of Lending leads the organization’s lending department
• The Director of Finance and Operations leads the organization’s financial, operational, and administrative management and compliance

Click here to see the job announcements. To apply, send cover letter and resume to Hiring Manager at jobs@sharedcapital.coop. Shared Capital Cooperative is an Equal Opportunity Employer. Positions are open until filled.

For the full description of the Director of Lending, please click here.

For the full description of the Director of Finance and Operations, please click here.

Nominations are due by end-of-business day March 12 and four seats are open. There are 10 seats nominated and elected by our member cooperatives, and 1 by our individual members. The individual member representative seat is not up for election in 2021, so only member cooperatives will vote in this year’s election.

Watch for board election information in your email! The 2021 Election for the Board of Directors will be electronic and will be open March 30 through April 13, 2021. Also note that in this year’s election only cooperative members will be voting.

Please plan to join us for the Shared Capital Cooperative Annual Member Meeting and Cooperative Forum on Thursday, April 29th. It will be held virtually. This event is free and open to the public. All are welcome! More details coming soon at www.sharedcapital.coop.

Been thinking about joining? Can’t remember if your co-op is a member? To vote in the upcoming election, a co-op must be a member in good standing as of March 15.