We are organizing a credit union that will serve worker cooperatives in the United States. This group is in the process of applying for a federal charter. We currently do not have an active charter and are not federally insured.
Worker cooperatives are businesses that are worker owned and democratically managed by their members. The credit union will help meet the following needs of worker cooperatives:
1) The worker co-op credit union will provide financial services for worker cooperatives and their members. Worker cooperatives often have difficulty attaining credit. This credit union will provide business lending exclusively to worker cooperatives. It will also provide personal loans for members’ capital contributions, as well as general consumer lending to its individual members. The credit union will provide a way for the members to support worker cooperatives through their use of its financial services.
2) The credit union will support technical assistance for its worker cooperative members. This may include financial, legal, or organizational assistance. It will also support efforts to develop new cooperatives and replicate existing ones.
3) The credit union will support education and awareness about worker cooperatives. It will help highlight the benefits of worker ownership and democratic management in the workplace.
The following groups have been supporting our organizing efforts:
The U.S. Federation of Worker Cooperative (USFWC)
Network of Bay Area Worker Cooperatives (NoBAWC)
North American Students of Cooperation (NASCO)
Valley Alliance of Worker Cooperatives (VAWC)
