By Ashley Symons, Writer/Editor
The Cooperative Fund of New England (CFNE) is a community development financial institution (CDFI) that is a bridge between socially responsible investors and co-operatives, community oriented non-profits, and worker-owned businesses in New England. Equal Exchange Food Service Sales Manager, LJ Taylor, is the board president of CFNE.
Ashley Symons: LJ, how and when did you get involved with CFNE?
LJ Taylor: I came to work with CFNE and its sister fund, Co-op Capital Fund, through a former Equal Exchange worker-owner, Erbin Crowell. He was doing some recruitment for the CFNE board, and thought of me. Here at Equal Exchange we are encouraged to use 10% of our work time to develop ourselves outside of our regular work duties. The CFNE board is volunteer work, so I use that 10% and more, and I thoroughly enjoy the work.
Ashley: What relationship has Equal Exchange traditionally had with CFNE?
LJ: Equal Exchange was an early borrower from the CFNE. These funds were integral in Equal Exchange's ability to build its business and gain funding. It can be hard for worker-owned co-operatives to gain traditional sources of funding. In turn, Equal Exchange is now an investor in CFNE and is helping co-operatives all over New England through this investment. Additionally, CFNE has received multiple donations from Equal Exchange's Charitable Contributions. These funds have been used for operations and the launching of the sister fund, Co-op Capital Fund.
Ashley: What exciting things is CFNE currently working on?
LJ: We are always trying to come up with ways to help co-ops grow. We continue to make loans and develop ways for growing the cooperative economy in New England. At the May 12 loan committee meeting we approved a record $1.3 million in loans.
We have also been developing new financing "products" that include:
- the Cooperative Capital Fund, which provides longer term patient capital for co-operatives.
- members-directed loans that allow for individuals to invest in their food co-operative.
- co-op member opportunity loans that allow for worker-owners to purchase equity in their worker co-op or to obtain education in the cooperative field.
We are also supporting co-op networking with co-op to co-op initiatives like the Neighboring Food Co-op Association (NFCA) and the production of a "shelf talker" material that shows consumers that certain products are cooperatively produced. (Look for "GO CO-OP" materials around your food co-op!)
Most recently we have been trying to work on a means of encouraging and supporting food co-ops to provide healthy foods to low-income populations.
Ashley: What have you gained from your work with CFNE?
LJ: I am currently the board president of CFNE and it has forced me to stretch a considerable amount. I have expanded my knowledge of financial statements, grown my ability to analyze business plans and relied heavily on my facilitation skills. My favorite element of this work is that while I am adding and sharpening my skills, I get to contribute to the Co-op Movement here in New England.
Ashley: If someone in the co-op world should remember one thing about CFNE, what is it?
LJ: We have 35 years of investing in food systems, supporting co-operatives, worker ownership, and community nonprofits, without one investor losing a penny.
Ashley: How might someone get involved with CFNE?
LJ: They can visit the CFNE website and check us out. But it could be much simpler than that. You can shop at your local co-ops, buy co-op products, just simply vote with your dollars. An even bigger commitment could be investing in CFNE, as well.
Ashley: Anything else you'd like to share with us?
LJ: CFNE is very proud of its relationship with Equal Exchange. Equal Exchange serves as an example of how a cooperative organization that CFNE helped finance early in its life can grow up to have such a huge impact on the cooperative community and then circled back to help us. CFNE is sincerely grateful that Equal Exchange remembers and has actually come back to help support the Cooperative Fund and its work.
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