CFNE Loan Fund
Loan
Raises funds for cooperatives, community oriented non-profits, and worker-owned businesses in New England, United States
The Cooperative Fund of New England (CFNE) advances community based, cooperative and democratically owned or managed 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 conscious enterprise; and development of a regional reservoir of business skills with which to assist these groups.
Over the past 37 years, CFNE has raised over $26 million from social investors and made over 600 loans to cooperative businesses and community-oriented nonprofits around New England. In addition to growing the cooperative economy, these funds have helped create or retain over 7,600 jobs and 4,400 affordable housing units. These loans have recycled millions of dollars in the region's economy. Our borrowers have shown themselves to be so responsible that no investor has lost any money.
Summary
Since 1975, the Cooperative Fund of New England has provided over $26 million in crucial, affordable financing to cooperatives and nonprofits across New England and eastern New York State. Not only have these funds created and retained thousands of jobs and housing units, often in underserved communities, but they have strengthened the user-owned, green cooperative economy.
Many of these co-ops struggle to access credit needed to start-up new co-ops and expand existing ones. As the only financial institution dedicated to growing the region’s cooperative economy, CFNE fills an important niche in attempts to humanize the economy.
We rely on community support to make this happen. The vast majority of our loan pool comes from individuals, cooperatives and community and religious organizations. If you have at least $1,000 available to lend to CFNE for a period of at least one year, consider making that investment in cooperative development.
In short, by lending to CFNE, you can:
- Put your resources to work helping people help themselves through co-operation.
- Receive a return on investment without compromising your values.
- Reduce risk through diversification of investment across many projects.
- Build the co-operative economy across all co-op sectors and industries.
Social Impact
CFNE loans are available to cooperative or nonprofit organizations within the six New England states and the bordering communities in New York. The financial assistance provided by CFNE is intended primarily to benefit applicants of greatest need. Priority among eligible organizations is therefore accorded to low-income co-ops and others with special problems of access to needed financial resources. Within this program focus CFNE refers to multiple standards in evaluating loan requests including: the need for the applicant's services; the viability of the organization; the commitment and support of its members; the skill and effectiveness of its management; the adequacy of its capitalization program; its current and prospective financial condition; the adequacy of available collateral; and the applicant's ability to repay the loan.
