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We are thrilled that NCDF was awarded $1.5 million by the U.S. Treasury's Community Development Financial Institutions Fund (CDFI) to continue to expand access to capital for cooperatives throughout the U.S. For NCDF's members and partners, this award will increase the dollars available to finance cooperative projects, allowing us to expand our work and our impact.
The U.S. Treasury awarded 185 organizations more than $195.4 million through the Community Development Financial Institutions Program (CDFI Program) and the Native American CDFI Assistance Program (NACA Program). NCDF is a certified CDFI, providing loans and technical assistance to cooperatively owned housing and small businesses, especially those serving low and moderate income communities.
"CDFIs and Native CDFIs are important community partners providing critically needed financing that not only allows families to buy their first home, or entrepreneurs to start or expand a business, but that generates economic growth and revitalizes America's low-income and economically distressed communities," said Jessica Milano, Deputy Assistant Secretary for Small Business, Community Development, and Housing Policy at the U.S. Department of the Treasury. "The awards will help these CDFIs and Native CDFIs build their capacity in order to better meet the investment and lending needs of the communities they serve."
The results of NCDF's work can be found in communities all over the U.S.: in Oakland, California where a $20,000 loan from NCDF supported the relocation of Design Action Collective, a growing worker-owned graphic design firm; in Indianapolis, Indiana, where a $145,000 loan from NCDF allowed Irvington Court to upgrade to a more efficient boiler for its 18 cooperatively-owned townhomes; and in Durham, North Carolina where a $576,000 loan is helping the community open a new food co-op, Durham Central Market, which will provide 20 new jobs and give the community access to healthy foods.
"This award would not have been possible without the hard work of our staff and board and the deep commitment and financial investment of our members," noted executive director Christina Jennings. "It is further validation that cooperatives are a powerful tool for community development, creating jobs, building community assets and transforming people's lives and our economy through democratic participation."
 | | Meet the NCDF staff: From left to right front row, Meredith Smith, Sandra Hales, Brenda Pfahnl, Rhonda Weidling. In back, Jim Shadko, Joe Riemann, Christina Jennings. |
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Matching Funds Available for Food Co-ops to Start a Cooperative Community Fund
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When cooperatives work together to set aside funds to benefit groups in their local communities, the impact is exponential. That's what food cooperatives have discovered when they establish their own Cooperative Community Fund (CCF) through the Twin Pines Cooperative Foundation's (TPCF) Give Where You Live Campaign. The funds typically start with a food co-op investing $5,000 and their investment is matched by the foundation or their cooperative partners. Currently, thirty food co-ops in the U.S. have established their own CCF. It can cultivate co-op capital, bring people together for communal fundraising events, and serve the needs of a wide range of people.
The Twin Pines Cooperative Foundation is pleased to announce that their organization has received funding of $55,000 from Cabot Creamery, Capital Impact, The Cooperative Foundation, Equal Exchange, National Cooperative Bank, National Cooperative Grocers Association and Organic Valley to match funds from cooperatives that want to start their own Cooperative Community Fund.
Applications to sponsor a CCF and get a $5,000 match to get started will be available in November 2014. Contact David J. Thompson at dthompcoop@aol.com to get on the interest list. To find out more about the foundation and the community fund go to www.community.coop/ccf.
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Recent Loans
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We can't wait to see the outcome of these exciting and worthy projects.
Good Earth Food Co-op, Saint Cloud, Minnesota
$120,000 for remodeling and upgrades to the food co-op.
Hendersonville Community Co-op,
Hendersonville, North Carolina
$850,000 towards the food co-op's $4.8 million relocation.
Omega One, Ltd. , Minneapolis, Minnesota
$105,000 loan to fund improvements to the housing co-op.
Irvington Court Realty Company, Indianapolis, Indiana
$145,000 loan to update the housing co-op's heating system.
South Aldrich Apartments, Minneapolis, Minnesota
$50,000 to finance improvements to the housing co-op.
Seward Community Co-op, Minneapolis, Minnesota
$650,000 to renovate the Creamery building for production and administrative offices;
$135,000 equity investment to support their second store.
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Recent Investments and Investment Renewals
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We sincerely thank our new investors and those who have renewed. Your investment is making a real and tangible difference.
Cronin-Geller Social Justice Fund
Franciscan Sisters of Little Falls
Grain Train Natural Food Co-op
NASCO Properties, Inc.
NCB, FSB
Sacramento Natural Foods
School Sisters of Notre Dame Central Pacific Provinces
Seward Community Co-op
Sinsinawa Dominicans Inc.
Sisters of St. Dominic
Sisters of St. Joseph of Carondolet
Twin Pines Cooperative Foundation
Woodlands Investment
Several individuals
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Got Co-op? We Travel!
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Brenda Pfahnl, NCDF director of sustainable food systems financing program and senior loan officer, just returned from a week-long co-op outreach trip to North Carolina. NCDF is involved in several North Carolina co-op projects these days, and so it was great to get her on the ground to meet with our members, partners and prospects. Brenda's first visit was Weaver Street Market in Carrboro, where she found the plaza in front of their store humming with live music. "It's a genuinely gorgeous community space," she said. What a way to kick things off!
Her 750-mile, meeting-packed tour included visits with food and worker co-ops as well as lenders, funders and technical assistance providers. She had the pleasure of meeting people at food co-op startups around the state that have recently been approved for NCDF loans, including Renaissance Market (Greensboro) and Durham Co-op Market (Durham).
She also visited Hendersonville Food Co-op and Deep Roots Market (Greensboro), two operating food co-ops that have financing with NCDF. In addition to those food co-ops, she visited the Company Shops Market (Burlington), Chatham Marketplace (Pittsboro), and French Broad Food Co-op (Asheville). She also met with two startup food co-op groups: Fertile Ground Cooperative (Raleigh), and Hub City Food Co-op (NCDF applicant, (Spartanburg, SC). While in Greensboro, Brenda also had the opportunity to visit the International Civil Rights Museum. It was the site of the Woolworth's lunch counter sit-in in 1955 that sparked the beginning of the civil rights movement. "If you are ever in Greensboro, I highly recommend making time to see it," she said.
 | | Erika McGilley, a loan officer with NCIF, and Damian Tody, from Hendersonville Community Cooperative in Henderson, NC are shown touring the new co-op to open in 2015. NCDF along with two other CDFI lenders, LEAF and NCIF, are providing subordinate debt in the amount of $850,000. |
Brenda also met with several worker owned co-ops, and went to a lunch organized by one of our members, which was also attended by Firestorm Books (Asheville, approved for an NCDF loan) and Full Steam Labs (Asheville). Afterward, she met with other worker-owned co-ops separately, including Burlington Beerworks (start-up); Opportunity Threads (predominantly immigrant textile business in Morganton), and with an existing privately held business in Burlington which is considering a conversion to worker ownership.
In addition, she met with other lenders and partners, including: Fund for Democratic Communities, Carolina Common Enterprise, Center for Participatory Change, Green Opportunities, Natural Capital Investment Fund, Slow Money North Carolina, and more.
Brenda said the highlight of the trip was meeting so many committed, visionary people. "It's great to see so many growing co-ops meeting a market need and making an impact," she said.
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NCDF's Newest Member: Firestorm Café & Books
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Firestorm Café & Books is a worker-cooperative located in Asheville, North Carolina. Their mission is to sell books, create community space, and be a working alternative to capitalist economic models. Until the end of 2013, Firestorm operated a bookstore and café in a 1,000 square foot basement location in downtown Asheville. Despite their humble beginnings in May 2010, they were named the "#2 Best Slow Money Business in America" by the Slow Money Alliance. In December 2011, Firestorm was also featured in a list of the "10 Coolest Independent Coffee Shops Across the US" as surveyed by Zagat, a U.S. publisher of popular restaurant guides.
 | | American anarchist and feminist Voltairine de Cleyre is considered the "patron saint" of Firestorm Books. |
In late 2013, Firestorm made the decision to retool their business objectives and seek a larger, more visible location. They are looking to increase their book collection and move to a West Asheville location in the not-too-distant future. NCDF has been working with Firestorm to provide some of the financing for their move once a location is secured.
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