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CFNE has experienced a remarkably high borrower repayment rate of over 99 percent, due in part to the broad community involvement required to successfully launch a cooperative.
In addition to financing cooperatives, CFNE facilitates the provision of technical assistance and partners with numerous technical assistance providers, including the CDS Consulting Co-op (which serves food co-ops) and the ICA Group and Democracy at Work Institute (which serves worker co-ops).
Many organizations and individuals looking for a socially responsible means of investing see CFNE as a great way to put seed money in people's hands to start sustainable, life-supporting businesses.
Through financing cooperative enterprises, CFNE helps develop opportunities for wealth creation in low-income and rural communities and economic empowerment across the region.
CFNE has worked with cooperatives since 1975 and was able to contribute expertise to the lending process.
"We're proud to commit to this very important worker-cooperative conversion, which preserves local ownership of these businesses and retains 65 essential jobs in the communities," says Gloria LaBrecque, Northeast loan and outreach officer with CFNE. "We congratulate the worker-owners of the IEC on this milestone achievement."